The Bureau of Consumer Financial Protection (CFPB) and the Federal Reserve Board have jointly proposed amendments to Regulation CC regarding funds availability. The amendment would implement statutory requirements to adjust for inflation the amount of funds financial institutions must make available to customers. This adjustment would impact the minimum amount of deposited funds that financial institutions must make available for withdrawal by the opening of business on the next day, the amount of funds deposited by certain checks in a new account that are subject to next day availability, and the civil liability amounts for failing to comply with the Expedited Funds Availability Act, among others.
The amendments also propose to implement the Economic Growth, Regulatory Relief, and Consumer Protection Act amendments to the Act regarding covered persons and makes other various technical changes.
The agencies are accepting public comment on the proposed amendments for 60 days following the publication in the Federal Register and the first proposed effective date is April 1, 2020.