Regulation CC Confusion

If you are new to compliance or even a seasoned veteran, Regulation CC (aka the Expedited Funds Availability Act) is one of the most difficult regulations to read and understand. 

While the Regulation has been updated periodically over the years, it still contains outdated information with regard to changes made back as far as 2010. 

For example, the Regulation still contains information regarding non-local checks (which no longer exist).

You also have to be careful when it comes to the terminology used.  The Regulation defines consumers, customers, business days, banking days, etc. and you need to be sure you know which definition applies and when.

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Published
2021/01/12

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