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Dodd-Frank Regulatory Reform Rules

FRS - Proposed rules to facilitate electronic check collection and return (Regulation CC).

Summary:
The Board is proposing amendments to Regulation CC to encourage banks to clear and return checks electronically. As part of the proposal, the Board would increase from $100 to $200 the amount of deposited funds that banks must make available for withdrawal by opening of business on the day following the date of deposit. The change must be incorporated into appropriate account disclosures by the effective date. The proposal also provides that after July 21, 2011, any rules promulgated under the Expedited Funds Availability Act will be jointly written by the Board and the CFPB.

Dates:

Published: 3/25/2011
Comment Period Ended: 6/3/2011
Effective Date(s): 7/21/2011

Submit Your Comments:

Comment period is closed.

Agency Information:

Agency: FRS
Agency Reference: Docket No. R-1409 and RIN 7100-AD68

DFA Section(s):

1086

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