Comments Requested for Funds Availability/Regulation CC By February 8th

Comments must be submitted regarding the proposed rule for the Availability of Funds and Collection of Checks (Regulation CC) by February 8th.

The new proposal requests a change in dollar amounts including:

  • Minimum Amount: the minimum amount of deposited funds that banks must make available for withdrawal by opening of business on the next day for certain check deposits;
  • Cash Withdrawal Amount:the amount a bank must make available when using the EFA Act’s permissive adjustment to the funds-availability rules for withdrawals by cash or other means;
  • New-Account Amount: the amount of funds deposited by certain checks in a new account that are subject to next-day availability;
  • Large-Deposit Threshold: the threshold for using an exception to the funds-availability schedules when the aggregate amount of checks on any one banking day exceed the threshold amount;
  • Repeatedly Overdrawn Threshold: the threshold for determining whether an account has been repeatedly overdrawn; and
  • Civil Liability Amounts: the civil penalties allowed for failing to comply with the EFA Act’s requirements.

For additional information:
CFPB Notification from November, 2018
Federal Register – 2011 Proposal
Federal Register – 2018 Proposal Comment Form