Regulation CC Changes Coming Your Way
September 1, 1990 is the target date for the permanent schedule to take effect for all financial institutions.
This means that local check availability will be no later than the second business day following deposit, and non-local items no later than the fifth day.
There are also some other Reg CC changes proposed for action this year, that may affect other areas.
Exception holds may be expanded to all except Treasury and on-us checks if deposited at a staffed teller's facility.
And there may be changes in the Federal Reserve's check collection and return requirements.
Other proposals involving electronic funds transfers will cause major changes in the wire transfer area if they go through without amendment.
We've included this little "good news" blurb so that you will be prepared for these and other "innovations" as they occur.
Copyright © 1990 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 1, No. 2, 2/90
First published on 02/01/1990