Description
Get up to speed on Regulation CC, the EFA Act and the Check 21 Act.
This topic will cover how Regulation CC (12 CFR part 229) implements the EFA Act and the Check Clearing for the 21st Century Act (Check 21 Act). Subpart B of Regulation CC implements the requirements outlined in the EFA Act regarding the availability schedules within banks must make funds available for withdrawal, exceptions to those schedules, disclosure of funds availability policies, and payment of interest.
This material will discuss the EFA Act and subpart B of Regulation CC, which contains specified dollar amounts, including the minimum amount of deposited funds that banks must make available for withdrawal by opening of business on the next day for certain check deposits (minimum amount) the amount a bank must make available when using the EFA Acts permissive adjustment to the fundsavailability rules for withdrawals by cash or other means (cash withdrawal amount) the amount of funds deposited by certain checks in a new account that are subject to nextday availability (newaccount amount) the threshold for using an exception to the fundsavailability schedules if the aggregate amount of checks on any one banking day exceed the threshold amount (largedeposit threshold) the threshold for determining whether an account has been overdrawn repeatedly, and the civil liability amounts for failing to comply with the EFA Acts requirements.
Date: 2024-03-26 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to identify best practices.
* You will be able to review the DoddFrank Wall Street Reform and Consumer Protection Act.
* You will be able to discuss checkreturn rules.
* You will be able to review Regulation CC background.