Regulation CC - Availability of Funds
and Collection of Checks 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.
Regulation CC 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 4008 Name of Law: Expedited Funds Availability Act
US Code: 12
USC 5014 Name of Law: Check Clearing for the 21st Century
Act
The Board adopted a final rule
that revises the disclosure requirements in sections 229.31(c) and
229.33(h) of Regulation CC. Section 229.31 of the final rule
imposes a notice of nonpayment requirement on paying banks that
determine not to pay a check, both paper and electronic, in the
amount of $5,000 or more. Section 229.33(h) requires a depositary
bank to notify its customer if the depositary bank receives a
returned check, notice of nonpayment, or notice of recovery under
section 229.35(b).
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.
FRCC_20170928_omb.pdf
Disclosure Sections 229.16 and 229.17 Bank burden - Specific availability policy disclosure and Initial disclosures