Get the free Proposal: Reg CC - Availability of Funds and Collection of Checks - federalreserve

This document discusses proposed amendments to Regulation CC regarding the electronic clearing of checks and modified hold periods on deposited funds, soliciting comments from stakeholders.

How to fill out proposal reg cc

How to fill out Proposal: Reg CC - Availability of Funds and Collection of Checks

1. Read the instructions provided with the Proposal form carefully.
2. Gather necessary information about your financial institution and the type of account for which you are submitting the proposal.
3. Complete the sections of the form that require details about your institution’s funds availability policy.
4. Provide accurate and clear information regarding any changes to your existing funds availability policy.
5. Review the form for any required signatures and additional documentation that may be needed.
6. Submit the completed Proposal to the appropriate regulatory agency by the specified deadline.

Who needs Proposal: Reg CC - Availability of Funds and Collection of Checks?

1. Financial institutions such as banks and credit unions that want to comply with Regulation CC.
2. Entities that need to establish or revise their policies regarding the availability of funds and collection of checks.
3. Compliance officers and legal departments within financial institutions reviewing funds availability policies.

People Also Ask about

What is the $225 availability rule?

The $225 Rule states that the first $225 of deposits made on any banking day must be made available the next business day.

Which regulation cc addresses the availability of funds and collection of checks?

To decrease the risk to a depositary bank that a check will be returned after funds have been made available for withdrawal, Regulation CC requires "expeditious" return of checks. A paying bank returns a check expeditiously if it returns the check to the depositary bank within two business days of presentment.

What is reg cc first 225?

Even if certain check deposits are not subject to next-day availability, financial institutions generally must still make available at least the first $275 of the deposits on the next business day. This had been known as the Reg CC $225 rule (for the minimum amount before recent increases).

What does regulation CC apply to?

Regulation CC sets forth the requirements that credit unions make funds deposited into transaction accounts available ing to specified time schedules and that they disclose their funds availability policies to their members.

What is section 229.12 of the regulation CC?

(f) Deposits at nonproprietary ATMs. A depositary bank shall make funds de- posited in an account at a nonpropri- etary ATM by cash or check available for withdrawal not later than the fifth business day following the banking day on which the funds are deposited.

What is the federal regulation for funds availability?

General Rules (§§ 229.10(a)–229.10(c)) Cash, electronic payments, and certain check deposits must generally be made available for withdrawal the business day after the banking day on which they were received.

What is the $450 rule?

Deposits that must be available next-day Electronic payments received through Automated Clearing House (ACH) or wire transfer. U.S. Treasury checks deposited in person or at an ATM. U.S. Postal Service money orders deposited in person. Federal Reserve Bank and Federal Home Loan Bank checks deposited in person.

What is section 229.12 of the regulation CC?

(f) Deposits at nonproprietary ATMs. A depositary bank shall make funds de- posited in an account at a nonpropri- etary ATM by cash or check available for withdrawal not later than the fifth business day following the banking day on which the funds are deposited.

What is the 229.12 rule?

Availability S chedule – §229.12 Funds deposited at nonproprietary ATMs, including cash and all checks, must be made available no later than the fifth business day following the banking day on which they were deposited.

What is the Funds Availability Act regulation CC?

Regulation CC sets forth the requirements that credit unions make funds deposited into transaction accounts available ing to specified time schedules and that they disclose their funds availability policies to their members. It also establishes rules designed to speed the collection and return of unpaid checks.

For pdfFiller’s FAQs

What is Proposal: Reg CC - Availability of Funds and Collection of Checks?

Proposal: Reg CC pertains to the regulations governing the availability of deposited funds and the collection of checks in the banking system. It is designed to establish requirements for financial institutions regarding the timing of funds availability and the prompt collection of checks.

Who is required to file Proposal: Reg CC - Availability of Funds and Collection of Checks?

Financial institutions, including banks and credit unions, that handle check processing and funds availability are required to comply with Proposal: Reg CC.

How to fill out Proposal: Reg CC - Availability of Funds and Collection of Checks?

To fill out the Proposal: Reg CC, institutions must provide information as outlined in the regulation, including details about policies, procedures, and practices regarding funds availability and check collection. Specific forms or templates may be provided by regulatory bodies.

What is the purpose of Proposal: Reg CC - Availability of Funds and Collection of Checks?

The purpose of Proposal: Reg CC is to ensure consumers have timely access to their deposited funds, enhance the efficiency of check processing, and establish clear guidelines for financial institutions regarding funds availability.

What information must be reported on Proposal: Reg CC - Availability of Funds and Collection of Checks?

Financial institutions must report information including their funds availability policies, any changes to those policies, and metrics regarding the timing of funds availability and check collection practices as mandated by the regulation.