Regulation CC Final and Proposed Rule Summary
Updated 07/26/2017
This Final and Proposed Rule Summary encompasses the changes to Regulation C Subparts A, C and D. Important takeaways include:
1) adding definitions of Electronic Check and Electronically created item;
2) expedited return times of 2 pm on the second business day;
3) adding specific warranties and indemnities for electronic items including remotely created items;
4) increase in the large item notice threshold from $2,500 to $5,000; and
5) adding sections specific only to “paper checks.”
The propose rule relates to alterations and forgeries of substitute checks.
Members Can Download This Tool
Login to Download
Not Yet a Member?
Our members enjoy:
On-demand regulatory guidance hotline – by chat, phone and email – available from anywhere, on any device – 7 am - 6 pm, M-F, Central time
Research time saved daily & weekly across forms, checklists, and trainings — for every regulation
Hours of form-building and branding of bank documents saved; in some cases, even the budget of additional staff
A sounding board for support and reassessment when institutional goals or the regulatory environment changes
Access to attorneys and compliance specialists for risk modelling and decision-making in advance of large business decisions
The knowledge that C/A was created and owned by 30 State Bankers Association to provide bank compliance services to their membership organizations
Find out how a personalized team of attorneys and compliance professionals helps build targeted compliance strategies throughout your institution when you take our Live Membership Demo.