Regulation CC

Regulation CC (“Reg Double C”)

A federal banking regulation regarding the availability of funds and collection of checks,Reg CC sets limits for the length of time a financial institution may place a hold on the use of funds after a check has been deposited to an account. People commonly think funds must be available immediately if checks are drawn on local financial institutions, but that is not true.Large checks, such as are often received for real estate transactions, may have a hold time as long as 7 days for local checks, except that the first $5,000 must be made available on the first business day.

Other than the deposits described in the following list,checks drawn on local institutions must be credited on the second business day after deposit, and checks drawn on nonlocal institutions must be credited on the fifth day after deposit.A local institution is one in the same check processing region. The financial institution may increase the hold times for large deposits or for any number of factors causing it reasonable concern.The deposits described in the following list must be made available for withdrawal on the first business day after deposit except that items 3 through 7 can be made available on the second day after being deposited if the deposit is to one of the financial institution's own ATM machines, or on the fifth day after deposit if made to any other ATM machine:

1. Electronic payments
2. U.S. Treasury Department checks
3. Cash
4. U.S. Postal Service money orders
5. Federal Reserve and Federal Home Loan Bank checks
6. State or local government checks
7. Cashier's, teller's, or certified checks
8. Checks drawn on an account at the same financial institution

References in periodicals archive ?
While Regulation CC, which requires financial institutions to provide customers who have a transaction account with disclosures stating when their funds will be available for withdrawal, does not apply to checks deposited via mobile devices, Otsuka said credit unions do need to consider how they will determine and disclose their withdrawal availability timelines for funds deposited using RDC.
This proposal mirrors the FASTT Checks Act's proposals for adjusting the dollar amounts used in the EFAA and Regulation CC to catch up and keep pace with inflation, treating Saturday as a "business day" for the purpose of calculating hold periods, and eliminating hold exceptions for "large deposits.
ECCHO continues to drive industry consensus on enhancements to the check payment system and recently developed a joint comment letter with BITS, ICBA and The Clearing House on proposed changes to Regulation CC.
The Federal Reserve Board announced on October 12, 2005, amendments to appendix A of Regulation CC (Availability of Funds and Collection of Checks) that reflect the restructuring of the Federal Reserve's check-processing operations in the Fourth, Tenth, and Eleventh Districts.
On December 22, 2003 the Federal Reserve Board approved a proposed rule to amend Regulation CC and its commentary to implement the Check Clearing for the 21st Century Act (Check 21 Act).
Many Crestar associates are required to take courses in federal Regulation CC, the Funds Availability Act, and Regulation B, the Equal Credit Opportunity Act.
The commentary to Regulation CC stipulates that an institution also can satisfy general disclosure requirements by using an electronic version.
By passing legislation in 1988, known as Regulation CC,(6) Congress made detecting fraudulent checks even more difficult for financial institutions.
ATTUS' solutions provide compliance with the requirements of the Gramm-Leach-Bliley Act (GLBA), the USA PATRIOT Act, the Office of Foreign Assets Control (OFAC), the Financial Crimes Enforcement Network (FinCEN), the Bureau of Industry and Security (BIS), anti-money laundering regulations, the Bank Secrecy Act (BSA), Regulation CC and Regulation E.
Offered courses cover the Bank Secrecy Act, Office of Foreign Assets Control requirements and Regulation CC.
The Federal Reserve Board announced on April 19, 2005, amendments to appendix A of Regulation CC (Availability of Funds and Collection of Checks) that reflect the restructuring of the Federal Reserve's check-processing operations in the Tenth and Twelfth Districts.
ATTUS serves more than 5,000 clients with solutions that provide compliance with the requirements of the Gramm-Leach-Bliley Act (GLBA), the USA PATRIOT Act, the Office of Foreign Assets Control (OFAC), the Financial Crimes Enforcement Network (FinCEN), the Bureau of Industry and Security (BIS), anti-money laundering regulations, the Bank Secrecy Act (BSA), the Dodd-Frank Act, Regulation CC and Regulation E.
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