Regulation CC requires banks to make
funds deposited in transaction accounts available within specified
time periods, disclose their availability policies to customers,
and begin accruing interest on such deposits promptly. The
disclosures are intended to alert customers that their ability to
use deposited funds may be delayed, prevent unintentional (and
potentially costly) overdrafts, and allow customers to compare the
policies of different banks before deciding at which bank to
deposit funds. The regulation also requires notice to the
depositary bank and to a customer of nonpayment of a check. Model
disclosure forms, clauses, and notices are appended to the
regulation to ease compliance.
US Code:
12
USC 5014 Name of Law: Check 21 Act
US Code: 12
USC 4008 Name of Law: Expedited Funds Availability Act
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.