Reg CC – Funds Availability Act July 2018 Summary
Consumer Financial Protection Bureau (CFBP)
Reg. CC – Funds Availability Act was created in 1987 in an effort to provide structure around the availability of funds deposited with financial institutions. It serves as a protection to consumers from indefinite holds being placed on their deposits. While Reg. CC has seen changes over the years, they have been far between and necessary to keep up with changing times. As the volume of paper checks has slowed to a trickle, check processing centers were closed to cut costs. There is a whole generation that will never know the term non-local checks. Check 21 allowed for images to be legal copies bringing the first taste of electronic language and consideration into the Reg. CC picture. And now we finally see the inclusion of terms that acknowledge electronic items.
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