Availability of Funds and Collection of Checks

Regulation CC, which implements the Expedited Funds Availability Act is being modified for check collection and return requirements to reflect the predominately all-check collection and return environment and to encourage depositary banks to receive, and paying banks to send returned checks electronically. The changes also apply check warranties to checks that are collected electronically and there are new warranties and indemnities related to checks collected and returned electronically and to electronically-create items.

Credit unions can access the amended regulation here.