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FRS | RIN: 7100-AF28 | Publication ID: Spring 2019 |
Title: ●Regulation CC-Availability of Funds and Collection of Checks (Docket No: R-1637) | |
Abstract:
The Board of Governors of the Federal Reserve System (Board) and of Consumer Financial Protection Bureau (CFPB) (Agencies) are proposing amendments to Regulation CC, which implements the Expedited Funds Availability Act (EFA Act) (2018 Proposal), and are also providing an additional opportunity for public comment on certain amendments to Regulation CC that the Board proposed in 2011 (2011 Funds Availability Proposal). In the 2018 Proposal, the Agencies are proposing a calculation methodology for implementing a statutory requirement to adjust the dollar amounts in the EFA Act every five years by the aggregate annual percentage increase in the Consumer Price Index for Wage Earners and Clerical Workers (CPI-W) rounded to the nearest multiple of $25. The 2018 Proposal would also implement the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) amendments to the EFA Act, which include extending coverage to American Samoa, the Commonwealth of Northern Mariana Islands, and Guam, and would make certain other technical amendments. With regards to reopening comments on the 2011 Funds Availability Proposal, the Board published proposed amendments to Regulation CC in the Federal Register on March 25, 2011. As discussed in Supplementary Information, the Board and the CFPB now have joint rulemaking authority with respect to part of Regulation CC, related definitions, and appendices of the amendments that the Board proposed on that date. The Board and the CFPB are reopening the comment period for the 2011 Funds Availability Proposal. |
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Agency: Federal Reserve System(FRS) | Priority: Substantive, Nonsignificant |
RIN Status: First time 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 | |
Legal Authority: 12 U.S.C. 4006 12 U.S.C. 4008 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Gavin Smith Senior Counsel Federal Reserve System Legal Division, Washington, DC 20551 Phone:202 452-3474 Ian Spear Manager Federal Reserve System Division of Reserve Bank Operations and Payment Systems, Washington, DC 20551 Phone:202 452-3959 |