Regulation CC Final Rule Issued

It seems like we’ve been waiting FOREVER for the funds availability sections of Regulation CC (Subpart B) to be updated.

Well, on June 24, 2019, the CFPB and Federal Reserve finally issued a Final Rule.  While it’s not everything we were hoping for, it is a start.


The first set of changes have to do with extending Regulation CC coverage to American Samoa, the Commonwealth of the Northern Mariana Islands and Guam.  While this change was already in effect as a result of the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA), applicable definitions and availability timeframes are now updated in the Regulation.  The Final Rule also includes some minor, non-substantive changes to the Truth in Savings Act.  These changes are effective 60 days after publication in the Federal Register.


The second set of changes have to do with adjusting the various dollar amounts found within the Regulation.  For example, the current requirement to make $200 of non-next day items available by the next business day, will increase to $225, the first $5,000 that must be made available when placing an exception hold for New Accounts, Large Deposit and Repeated Overdraft reasons, will increase to $5,525.  Civil liability amounts will also increase.  These amounts will also adjust every five years based on the consumer price index.  These changes will take effect on July 1, 2020.


As we said, this Final Rule wasn’t everything we were hoping for because the regulation still contains some outdated information.  Maybe there is more on the horizon.


Stay tuned to our Banking on BCC Magazine as we will plan to cover these changes in an upcoming issue.  If you need some training on today’s rules regarding Regulation CC deposit delays, be sure to check our on-demand webinar.


Amy Kudlacek


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