Plus New Operating Circular 3 Changes
The Board and the Bureau (Agencies) are proposing amendments to Regulation CC, which implements the Expedited Funds Availability Act (EFA Act) (2018 Proposal), and are also providing an additional opportunity for public comment on certain amendments to Regulation CC that the Board proposed in 2011 (2011 Funds Availability Proposal). In the 2018 Proposal, the Agencies are proposing a calculation methodology for implementing a statutory requirement to adjust the dollar amounts in the EFA Act every five years by the aggregate annual percentage increase in the Consumer Price Index for Wage Earners and Clerical Workers (CPI-W) rounded to the nearest multiple of $25. The 2018 Proposal would also implement the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) amendments to the EFA Act, which include extending coverage to American Samoa, the Commonwealth of the Northern Mariana Islands, and Guam, and would make certain other technical amendments.
What this means to your financial institution: Completely revised teller procedures on holds and hold forms. New disclosures at new accounts to give at account opening. This one is BIG!! Learn what is involved before we move to the final version.
Plus we have changes in the federal reserve operating circular 3 which reflect the new electronic rules from Reg CC last summer. These are final.
- Proposed Regulation CC Changes--2018 and 2011 Proposed Changes back on the table
- New time frames for holds—4 days
- New Disclosures—Standardized Disclosures and Hold Notices
- Inflation adjustment measures
- Cash availability
- Addition of certain geographic areas
- How to count days and place holds the proposed way
- Operating Circular 3 Summary and Changes
- End to End Update of Operating Circular 3 Reflecting Changes Since Check 21 (each of these Revisions has a list)
- Revisions designed to make the operating circular more focused on electronic processing
- Revisions to the adjustment provisions
- Revisions to reflect other changes to the way the Reserve Banks provide check services
- Revisions with respect to terms defined in the operating circular or Regulation CC.
- Changes to Conform to Reg CC as amended July 1, 2018
Who Should Attend?
Deposit Compliance, Deposit Operations, Tellers, Head Tellers and Training Department.
Please note: This site employs features that may cause unexpected behavior in older versions of Internet Explorer. If you experience a problem, try refreshing your screen. If this doesn't solve the problem, click on this link.
You may contact us by using the Online Chat button below.