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Regulation CC Final Rule Issued

On June 24, 2019, the Federal Reserve Board and the Consumer Financial Protection Bureau jointly issued a final rule amending Regulation CC, which implements the Expedited Funds Availability Act (EFA Act), to implement a statutory requirement in the EFA Act to adjust the dollar amounts under the EFA Act for inflation. In addition, Regulation CC was amended to incorporate the Economic Growth, Regulatory Relief, and Consumer Protection Act amendments to the EFA Act, which include extending coverage to American Samoa, the Commonwealth of the Northern Mariana Islands, and Guam, and to make certain other technical amendments.

You can access the final rule here: https://files.consumerfinance.gov/f/documents/cfpb_availability-of-funds-collection-checks-reg-cc_final-rule-2019.pdf

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Published by Jacqueline Maduneme July 7, 2019