Regulation CC - Availability of Funds and Collection of Checks (12 CFR Part 229), which implements the Expedited Funds Availability Act of 1987 (EFA Act) and the Check Clearing for the 21st Century Act of 2003 (Check 21 Act), requires banks to make funds deposited in transaction accounts available within specified time periods, disclose their funds availability policies to customers, begin accruing interest on such deposits promptly, and provide certain notices in connection with the nonpayment of certain checks. Regulation CC also requires banks to provide consumer awareness disclosures and other notices regarding substitute checks. Regulation CC includes model disclosure forms, clauses, notices, and commentary to ease compliance with these requirements.
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
No
Ron Qiu 202 430-9259 ron.qiu@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_20251229_83c.pdf
Disclosure Bank burden Sections 229.16 and 229.17 Specific availability policy disclosure and Initial disclosures