Links in “Regulation CC”

CUNA has sent a letter to the Federal Reserve Board, the FDIC, and the OCC in which it states that the transaction limitations on savings accounts have outlived their initial policy purposes and adversely affect credit unions’ ability to serve their members.  In addition, CUNA expresses concerns about proposed changes to Reg. CC that could pose challenges for RDC transactions. [5/14/15]

Three regulatory agencies announced round two of EGRPRA (Economic Growth and Regulatory Paperwork Reduction Act of 1996) aka the once a decade opportunity to reduce regulatory burden on certain regulations. This new round focuses on regs associated with banking operations (Reg CC, J and D), Capital, and the Community Reinvestment Act. Comment period ends 5/14/2015. [2/13/2015]

The CFPB published its half-year 2015 regulatory agenda in the Federal Register. The more significant regulatory efforts listed include implementing the Dodd-Frank Act's mortgage protections including anticipated revisions and streamlining of key mortgage regulations including HMDA, RESPA, and TILA. The agenda further anticipates revisions to Regulation CC, the Expedited Funds Availability Act, and business lending rules under ECOA. [12/22/14]

The Board of Governors of the Federal Reserve recently proposed changes and updates to Regulation CC, which includes the EFA Act and the Check 21 Act. Specifically, the new proposition will provide indemnity provisions regarding remote deposit capture services. [12/2/14]

The FDIC is moving forward with its information collection proposal on account-based disclosures in connection with Regulations E, CC, and DD. [11/20/2014]

ABA, ICBA and other trade groups provide their response to the FRB's proposed revisions to Reg. CC, Availability of Funds and Collection of Checks. [5/5]

Banker questions how large deposit exception hold under Reg CC would apply to a given scenario. [11/7]

Customer wants to deposit a suspicious check for $15,000. Is bank required to make any of the funds available per Reg. CC? [8/26]

Not many surprises here: mortgage lending will continue to be a strong focus as the agency continues to tweak the new rules that are scheduled to go into effect in January 2014; also, the Bureau is gearing up to issue its final rule on the combined TILA/RESPA disclosure in October 2013 and amending Regs CC and HMDA. [8/5]

An auditor's questioning of a bank's handling of Reg. CC and its relation to Subpart C 229.33(d) results in a closer look at the definition of a depositary bank. [6/25]