Federal Reserve Issues Correction to Final Rule on Availability of Funds and Collection of Checks

19-14 / September 2019
Federal Reserve Issues Correction to Final Rule on Availability of Funds and Collection of Checks
Subject
Payments

On August 29, 2019, the Board of Governors of the Federal Reserve System issued a rule correcting dollar amount adjustments in the Board’s final rule published July 3, 2019, in the Federal Register. The July final rule amended Regulation CC, which implements the Expedited Funds Availability Act to adjust the dollar amounts under the EFA Act for inflation, incorporate provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act, and make other technical amendments.

The revised rule correcting the earlier rule is available in the Federal Register.

Additional Information

Credit unions can find more information about the July 3, 2019, final rule in Consumer Financial Protection Update, 19-12, on our website at https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/cfpb-and-frb-issue-amendments-regulation-cc.

Please contact the NCUA’s Office of Consumer Financial Protection with any questions at 703.518.1140 or by email at ComplianceMail@ncua.gov. Credit unions can also contact their NCUA regional office or their state supervisory authority.