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Inactive Financial Institution Letters


FEDERAL RESERVE Press Release

For immediate release March 18, 1997

The Federal Reserve Board today announced approval of clarifying and technical amendments to its Regulation CC which governs the availability of funds and the collections of checks.

Among other things, the amendments, effective April 28, reduce compliance burden for depository institutions in some cases and permit institutions to satisfy the requirements to provide notice and disclosure by electronic means, if certain conditions are met.

A review of the regulation was made under Section 303 of the Riegle Community Development and Regulatory Improvement Act of 1994. That Section directs the federal banking agencies to review their rules in order to improve efficiency, reduce unnecessary costs, and remove inconsistencies and outmoded and duplicative requirements.

Last Updated 07/16/1999 communications@fdic.gov