On November 20, the Federal Reserve Board (FRB) and CFPB jointly proposed amendments to Reg. CC, which implements the Expedited Funds Availability Act (EFA Act), and also reopened for public comment various amendments that the FRB had proposed in March of 2011. This new proposal is in addition to the amendments to Reg.… Continue Reading
Federal Reserve Board approves final amendments to the liability provisions of Regulation CC
By Scott A. Coleman & Ballard CFS Group on
Last Wednesday the Federal Reserve published approved final amendments to Regulation CC (Availability of Funds and Collections of Checks) which update the liability provisions of Reg. CC to address the nearly-complete conversion of the nation’s check collection system from a paper to an electronic environment.
Historically, when banks disputed which party should be responsible for the liability arising from an unauthorized check, the risks were split in two. … Continue Reading