Academic journal article Federal Reserve Bulletin

Final Rule-Amendment to Regulation Cc

Academic journal article Federal Reserve Bulletin

Final Rule-Amendment to Regulation Cc

Article excerpt

The Board of Governors is amending 12 C.F.R. Part 229, its Regulation CC (Availability of Funds and Collection of Checks). The Board is adopting amendments to Subpart C of Regulation CC, which contains rules governing the collection and return of checks. The amendments to the regulation and Commentary are intended to provide further clarification as to the extent to which depository institutions and others may vary the terms of the regulation by agreement for the purpose of instituting electronic return systems.

Effective December 15, 1999, 12 C.F.R. Part 229 is amended as follows:

Part 229--Availability of Funds and Collection of Checks (Regulation CC)

1. The authority citation for Part 229 continues to read as follows:

Authority: 12 U.S.C. 4001 et seq.

2. In section 229.36, paragraph (c) is removed and reserved.

3. In Appendix E, under section XXII, paragraph C. is removed and reserved.

4. In Appendix E, under section XXIII, new paragraphs C. …

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