Regulation CC, also known as the Expedited Funds Availability Act, establishes the basic rights, liabilities, and responsibilities financial institutes have regarding the availability of deposited funds. Regulation CC also outlines the rules and regulations banks must follow pertaining to check collection, check processing and substitute checks. This course provides an in-depth look at the regulations requirements. This course is intended for deposit operations and compliance personnel. Course length ≈ 75 minutes.

Learning Objectives:

• Ensure the availability of funds policies, procedures, and practices at your bank are in full compliance with Regulation CC
• Review bank policy to ensure all customers are being provided with the disclosures and notices Regulation CC requires
• Ensure collection of check policies and procedures at your bank are compliant with Regulation CC
• Understand the Regulation CC rules regarding substitute checks and ensure compliance with those rules at your bank

Course Outline:

• Availability of Funds
  • Next day availability
  • Fees
  • Deposit Slips
• Exceptions
  • New accounts
  • Large deposits
  • Redeposited checks
  • Repeated overdrafts
  • Reasonable cause to doubt collectability
  • Overdraft or returned check fee collection
  • Emergency conditions
  • Exception notice
• Disclosures and Notices
  • General disclosure requirements
  • Specific availability policy disclosures
  • Additional disclosures
  • Change in Terms
• Collection of Checks
• Notification of Returned Checks
• Responsibilities
• Indorsements
• Liability
• Substitute Checks
  • General provisions concerning substitute checks
  • Substitute check warranties
  • Substitute check indemnity
  • Expedited recredit for consumers and banks
  • Liability
  • Consumer awareness
  • Delivery of information

This course is worth 1 CPE credit.