The Federal Reserve Board on May 31 announced final amendments to the check collection and return provisions in Regulation CC (Availability of Funds and Collection of Checks) and also requested further public comment on an additional proposed amendment to Regulation CC’s liability provisions. The final amendments update Regulation CC to reflect the evolution of the nation’s check collection system from one that is largely paper-based to one that is virtually all electronic.
Learn more by reviewing the amendment and press release (Off-site), gain insight to how these updates relate to the Strategy 5 goal of accelerating interbank settlement for check payments outlined in the Strategies for Improving the U.S. Payment System paper (PDF) and stay posted for an opportunity to comment, expected shortly, on additional proposed Regulation CC updates when the Federal Register notice is published.