This should be simple but the more I read something in another compliance service that contradicts what I understood.

Here is the way I learned it:

Bank's Reg CC Policy allows for both the case-by-case and exception holds on deposits. The case-by-case hold time period envoked is 2 for local and 5 for nonlocal. The exception hold time period is 7 for local and 11 for nonlocal.

Is this still correct?

check out Section 229.13 Exceptions