United States

ABA reopens public comment on Federal Reserve Reg CC

AML AND COMPLIANCE NEWS  | 

The Consumer Financial Protection (CFPB) and Federal Reserve Board have decided to provide additional opportunities for public comment on certain funds-availability amendments in subpart B of Regulation CC that the Board published in 2011 regarding funds availability schedule provisions and associated definitions. The proposal also will implement a statutory requirement for adjustment for the inflation of funds depository institutions must make available to their customers. These amendments would apply to periods ranging from next business day withdrawal of certain check deposits to setting a threshold amount for determining whether an account has been repeatedly withdrawn. The proposal also looks to extend coverage of the Expedited Funds Availability Act to American Samoa, the Commonwealth of the Northern Mariana Islands and Guam.