In 2019 Regulation CC (Expedited Funds Availability Act) was updated, impacting the hold amounts for when a member deposits a check into their checking account. These limits are now tied to a consumer price index and are adjusted every 5 years. With the last adjustment period ending in July 2023 the CFPB and the Federal Reserve Board have now jointly adjusted the dollar amounts that a financial institution must make available from a check. While the compliance deadline is not until July 1, 2025, there is a lot to do to get ready.
One way to get your to-do list of what’s needed is to register for the “Implementing Reg CC Changes” webinar with Debbie Crawford on June 17, 2024. During this 90-minute webinar Debbie will discuss the new number for case-by-case holds, large deposits and new accounts. She will also discuss sample problems as well as sample checklists. This webinar is aimed at compliance personnel, tellers, teller supervisors, trainers, branch operations staff and anyone who works with holds.
|