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Updates/Amendments to Reg CC in 2012?

Have there been any updates or amendments to Reg CC in 2012?

Answer by John Burnett: No. Although the Federal Reserve Board proposed an extensive overhaul of the regulation on March 25, 2011, it has thus far taken no action to finalize a rule to amend Regulation CC.

So the regulation remains riddled with outdated references to nonlocal checks and availability requirements for them, as well as several references to the old $100 next-day availability requirement for funds deposited by non-next-day checks (which, as you know, was changed to $200 next-day availability in 2011 by an amendment to the EFAA made by the Dodd-Frank Act).

Also left unimplemented are several FRB initiatives to amend the regulation to encourage image or electronic forward and return check routing, along with formatting and content revisions for several of the regulation's model forms and clauses for disclosures.

The delay in the final rule has been so long that it's more than reasonable to assume that the FRB will scrap the March 2011 proposal altogether, and issue another proposal, which will be informed by the comments offered on the March 2011 NPRM.


Answer by: Ken Golliher There is no extra charge for everything John said after he said "No." He just needed to vent a little. Last-minute comment from John: The CFPB has indicated that it is scheduled to work with the FRB to have a final rule amending Regulation CC (on which the FRB must consult with the CFPB) by the Fall of 2013. I'm not holding my breath.

First published on 3/18/13

First published on 03/18/2013

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