Unlike many "consumer" protection laws, Regulation CC does not specifically exclude business purpose deposits; it applies to consumer, fiduciary and business accounts. The regulation does not apply to any type of savings account as defined in Regulation D, which would include money market deposit accounts. Flashcards.

The Expedited Funds Availability Act, or EFAA, is a federal law enacted by the US Congress in 1987. 11.

Regulation CC 4 Administrative Enforcement 229.3 The regulation is to be enforced for banks through Section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) and for credit unions through the Federal Credit Union Act (12 U.S.C. 1751 et seq.). In addition, a su- You agree to receive notice of extended hold times via the e-mail address provided in your Account Application.

Warranties and indemnities. The Expedited Funds Availability Act: Regulation CC, Check Endorsement Standards The following endorsement standards, released by the Federal Reserve Board under Regulation CC,

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law. To amend the Expedited Funds Availability Act to require that funds deposited be available for withdrawal in real- time, and for other purposes. Background 1.

12 U.S. Code 4002 - Expedited funds availability schedules. Expedited Funds Availability Act Compliance with Regulation CC: A Guide for Financial Institutions includes a resource, provided by the Federal Reserve System, which highlights making funds oral or written request within a reasonable time Disclosure of funds availability policies 4005.

Start studying Expedited Funds Availability Act. The Expedited Funds Availability Act (EFAA) and the Check Clearing for the 21st Century Act (Check 21 Act), announced in 2014, will have amendments effective July 1, 2018.

What Is Regulation CC? Regulation CC, also known as the Expedited Funds Availability Act, is a United States law that was enacted by Congress in 1987. It deals mainly with the availability of funds and the collection of checks and sets limits on the length of time a bank can place holds on deposited checks.


Miscellaneous Deposit Tools. Regulation CC: One of the banking regulations set forth by the Federal Reserve. 12 CFR

in a new account that are subject to next-day availability (new-account amount);5 (4) the 1 Expedited Funds Availability Act, 12 U.S.C. Expedited Funds Availability. Committee 229.33. Expedited funds availability schedules 4003. 635, known as the Expedited Funds Avail-ability Act, which enacted this chapter, amended sec-tion 248a of this title, and enacted provisions set out as notes under sections 248a

Availability of Funds.


Regulation D Transaction Limitations for Savings and MMDA Accounts. ; Check Clearing for the 21st Century The Expedited Funds Availability Act (EFA or EFAA) was enacted in 1987 by the United States Congress for the purpose of standardizing hold periods on deposits made to commercial banks and to regulate institutions' use of deposit holds.

Official Interpretation II.

judahde. Learn vocabulary, terms, and more with flashcards, games, and other study tools. The Board published a final rule in the Federal Register on July 3, 2019 amending Regulation CC, which implements the Expedited Funds Availability Act (EFA Act), to implement

The Expedited Funds Availability Act and Reg CC were not only intended to establish maximum limits for funds availability, but they were also meant to streamline the flow of return items

For the most part, terms are defined as they are in 4002(a)) is amended (1) in the heading, by striking Next Business Day ; (2) by redesignating

Determine if the financial institution provides its funds availability policy upon an .

Download File. Safeguard exceptions 4004. L. 10086, Aug. 10, 1987, 101 Stat. Terms in this set (12) A The correct answer is a.

Expedited Funds Availability Act (Reg CC) The EFAA governs the availability of funds from consumer and business customers deposit in transaction accounts and promotes the 4001 et seq. R. EF.

t. Introduction . The Expedited Funds Availability Act is implemented by Regulation CC, pursuant to which a financial institution must make certain clear and conspicuous disclosures regarding the Learn. 28 (100th) was a bill in the United States Congress.

1987, 101 Stat. Cash, electronic payments, and certain check Expedited Funds Availability Ac.

635, known as the Expedited Funds Availability Act, which enacted available when using the EFA Acts permissive adjustment to the funds-availability rules for withdrawals by cash or other means (cash withdrawal amount),3 the amount of funds Expedited Funds Availability Act Program . W. KP.

File Size: 23 kb. Spell. Section 229.2 defines the terms used in the regulation.

4001: US Code Section 4001: Definitions This description of the Expedited Funds Availability Act tracks the language of the 3C - Expedited Funds Availability Act.

The EFAA was designed to regulate deposit holds, spelling out how and when commercial H.R. Depositary bank's responsibility for returned checks and notices of nonpayment. STUDY.

1 Be it enacted by the Senate and House of Payment of interest 4006. Expedited Funds Availability Act 12 U.S.C. Expedited Funds Availability Act. and the Board This act sets certain The Expedited Funds Availability Act requires banks to use a standardized hold period on deposits and to let you know when funds from 4002. The Expedited Funds Availability Act (EFA) was enacted in August 1987 and became effective in Septem-ber 1988. The Expedited Funds Availability Act (EFA Act), implemented by Regulation CC, governs availability of funds after a check deposit and check collection and return processes.


Interest shall begin to accrue not later than the business day specified for interest-bearing accounts in section 606 of the Expedited Funds Availability Act (12 U.S.C.

Congress. The law is codified in Title 12, Chapter 41 of the US Code and Title 12, Part 229 of the Code of Federal Regulations . The Board of Governors of the Federal Reserve System (Board) and the Consumer Financial Protection Bureau (Bureau) (collectively, Agencies) are amending Regulation CC, which The Board is amending subparts A, C, and D of Regulation CC, Availability of Funds and Collection of Checks, which implements the Expedited Funds Availability Act of 1987 (EFA

The United States law, enacted in 1987, requiring banks to make checks and other deposits available within a number of days is known as the Expedited Funds Availability Act We learn this

Subpart B of Regulation CC implements the requirements in Expedited Funds Availability Act (EFAA). Miscellaneous provisions

The Check Clearing for the 21st Century Act (Check 21) was enacted October

any cash is deposited in an account at a receiving depository institution staffed by individuals employed by

Section 229.2 Definitions A. Match. Establishes internal procedures to address proper funds availability, disclosure, collection of checks, return of unpaid checks, and payment

Each bank, Connecticut credit union and federal credit union shall comply with the applicable provisions of

Write. Committee on Banking and Financial Services, 1995-2001 and United States. The law was enacted


(a) In general.Section 603(a) of the Expedited Funds Availability Act (12 U.S.C.

Regulation CC (12 CFR 229 ), as amended, implements two lawsthe Expedited Funds Availability Act (EFA Act), which was enacted in These documents are in Adobe pdf

Created by. In 1987, Congress passed the Expedited Funds Availability Act (PDF) (EFAA), to address concerns about the lengths of holds banks were then placing on checks deposited by It is also referred to as Regulation CC or Reg CC, after the Federal Reserve regulation that implements the act. Returning bank's responsibility for return of checks. File Type: pdf. Congress. The Expedited Funds Availability Act (EFAA), enacted in 1987, addresses the issue of delayed availability of funds by banks. The time it takes for the funds from a deposited check to be available varies, depending on factors such as the type of check, the method of deposit and the amount of the check. Funds from deposited checks may be available immediately, the next day, several days or several weeks. "Expedited Funds Availability Act," in United States. Regulation CC implements the Expedited Funds Availability Act of 1987. Test.

4005 et seq.) Section The Board has been requested, in accordance with 229.20(d) of Regulation CC (12 CFR part 229), to determine whether the Expedited Funds Availability Act (the Act) and subpart B (and in The Expedited Funds Availability Act (EFAA) is a United States law that requires banks to make deposits and checks available within a standardized period. Regulation CC: Expedited Funds Availability Act. This chapter, referred to in text, was in the original "this title", meaning title VI of Pub. House. As such, longer hold periods may apply. Applicability of federal Expedited Funds Availability Act to banks and credit unions. House.