View Rule

The Expedited Funds Availability Act (EFA Act), implemented by Regulation CC, governs availability of funds after a check deposit and check collection and return processes.  Section 1086 of the Dodd-Frank Wall Street Reform and Consumer Protection Act amended the EFA Act to provide the Bureau with joint rulemaking authority with the Board of Governors of the Federal Reserve System (Board) over certain consumer-related EFA Act provisions. Section 1086 also states that the dollar amounts under the EFA Act shall be adjusted for inflation every five years after December 31, 2011. The first adjustment for inflation has not yet been made. The Board proposed amendments to Regulation CC in March 2011 to facilitate the banking industry’s ongoing transition to fully electronic interbank check collection and return. The Board’s proposal includes some provisions that are subject to the Bureau’s joint rulemaking authority, including the period for funds availability and revising model form disclosures. In addition, in June 2017, the Board finalized amendments to certain Regulation CC provisions that are not subject to the Bureau’s authority. The Bureau worked with the Board to issue jointly a proposal for implementing the statutory requirement to adjust for inflation the dollar amounts in the EFA Act and to reflect certain amendments to the statute by the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (EGRRCPA). The agencies also sought new or updated comments concerning the issues raised in the Board’s March 2011 proposal that are subject to the Bureau’s joint rulemaking authority; the Bureau will review this information before considering whether and how to proceed concerning these issues. In addition, the Bureau will work with the Board to issue jointly a final rule by June 2019 to implement the statutory requirement to adjust for inflation the dollar amounts in the EFA Act and to reflect certain amendments to the statute by the EGRRCPA.