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Inactive Financial Institution Letters

Availability of Funds and Collection of Checks

April 8, 1997


SUBJECT: Amendments to Regulation CC, Availability of Funds and Collection of Checks

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


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).

Last Updated 07/16/1999

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