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Reg CC revised proposal published

The Federal Reserve Board's December 2013 revisions to its March 25, 2011 [76 FR 16862] proposed rule that would amend Regulation CC has finally been published in today's Federal Register [79 FR 6673]. The current proposed revisions would affect only subsections C (Collection of Checks) and D (Substitute Checks) of the regulation, to encourage depositary banks to receive and paying banks to send returned checks electronically. The proposal includes two alternative approaches to that goal. The Board is also requesting comment on applying Regulation CC's existing check warranties to checks that are collected electronically and on new warranties and indemnities related to checks collected electronically and to electronically-created items. The Board has asked for comments on the current revised proposal by May 2, 2014. The current proposal does not affect the part of the 2011 proposal addressing funds availability and disclosures (subpart A), which now requires the concurrence of the CFPB before a final rule can be issued. The involvement of the CFPB is not required for amendments to subparts C and D of the regulation.

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