Regulation CC & Return Items-It's Not Working
Even before we get to the final schedule on Reg CC, we already have changes in the works.
But anyone who works in Return Items already knows that Reg CC is not working!
Returns that used to be delayed by a day or two are now delayed by a week or two or more. It has been a frustrating experience to try to explain to customers and front line people that the system is holding up the returns instead of getting them through faster.
But take heart, all you folks in Operations! Fed is trying to fix it. There is already one Federal Reserve Bank that is using forward collection, co-mingling qualified returns-and it's working!
That good news, along with some of the changes now proposed by Fed, may make your life a little easier. We'll keep you posted on improvements and changes as they are implemented, so hang tight!
Copyright © 1990 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 1, No. 1, 1/90
First published on 01/01/1990