WASHINGTON, D.C. – The Consumer Financial Protection
Bureau and the Federal Reserve Board today jointly published
amendments to Regulation CC that implement a statutory requirement
to adjust for inflation the amount of funds depository institutions
must make available to their customers. The amendments apply in
circumstances ranging from next business day withdrawal of certain
check deposits to setting the threshold amount for determining
whether an account has been repeatedly withdrawn.
Regulation CC implements the Expedited Funds Availability Act of
1987 (EFA Act). The Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act) amended the EFA Act to grant the
Bureau and the Board joint rulemaking authority for
funds-availability schedules, disclosure policies, payment of
interest, and other EFA Act provisions implemented by Regulation
CC.
