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.