Regulation CC - Availability of Funds and Collection of Checks requires banks to make funds deposited in transaction accounts available within specified time periods, disclose their availability policies to customers, and begin accruing interest on such deposits promptly. The disclosures are intended to alert customers that their ability to use deposited funds may be delayed, prevent unintentional (and potentially costly) overdrafts, and allow customers to compare the policies of different banks before deciding at which bank to deposit funds. Regulation CC also requires notice to the depositary bank and to a customer of nonpayment of a check. Model disclosure forms, clauses, and notices are appended to the regulation to ease compliance.
US Code:
12 USC 4008
Name of Law: Expedited Funds Availability Act
US Code:
12 USC 5014
Name of Law: Check Clearing for the 21st Century Act
The decrease in total annual burden hours reflects an update to the respondent counts.
$0
No
No
No
No
No
No
Uncollected
Jennifer Williams 202 452-2446 jennifer.l.williams@frb.gov
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
FRCC_20191206_83c.pdf
Disclosure Sections 229.16 and 229.17 Bank burden - Specific availability policy disclosure and Initial disclosures