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FRS | RIN: 7100-AE78 | Publication ID: Fall 2018 |
Title: Regulation CC -- Availability of Funds and Collection of Checks (Docket No: R-1564) | |
Abstract:
The Board of Governors of the Federal Reserve System is proposing to amend Regulation CC to address situations where there is a dispute as to whether a check has been altered or is a forgery, and the original paper check is not available for inspection. The proposed rule would adopt a presumption of alteration for any dispute over whether the dollar amount or the payee on a substitute check or electronic check has been altered or whether the substitute check or electronic check is derived from an original check that is a forgery. This rule is intended to provide clarity as to the burden of proof in these situations. |
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Agency: Federal Reserve System(FRS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Independent agency | |
CFR Citation: 12 CFR 229.38(i) | |
Legal Authority: 12 U.S.C. 4008(c) |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Ian Spear Manager Federal Reserve System Division of Reserve Bank Operations and Payment Systems, Washington, DC 20551 Phone:202 452-3959 Clinton Chen Senior Attorney Federal Reserve System Legal Division, Washington, DC 20551 Phone:202 452-3952 |