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.

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