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| TO: |
CHIEF EXECUTIVE OFFICER AND COMPLIANCE OFFICER |
| SUBJECT: |
Amendments to Regulation CC, Availability of Funds and Collection of Checks
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On March 17, 1997, the Federal Reserve Board approved clarifying and technical amendments to
Regulation CC, which governs the availability of funds and the collection of checks. A copy of
the Federal Reserve Board’s March 18 press release announcing approval of the amendments and
a copy of the final rule are attached.
The amendments, which are effective on April 28, 1997, will reduce the compliance burden for
depository institutions by:
- permitting institutions to satisfy the requirements to provide notice and disclosure by
electronic means, if certain conditions are met;
- providing more flexibility for hold notices under emergency conditions; and
- deleting certain notice content requirements.
The model forms in Appendix C were also updated.
For further information, please refer to personnel listed on Page 13801 of the attached Federal
Register notice.
|
Carmen J. Sullivan |
|
Director |
Attachments
Distribution: FDIC-Supervised Banks (Commercial and Savings)
Note: Paper copies of FDIC financial institution letters may be obtained through the FDIC’s
Public Information Center, 801 17th Street, N.W., Room 100, Washington, D.C. 20434 ((703) 562-2200 or 800-276-6003).
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