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July 30, 2013 – Anticipated changes to Regulation CC, which implements the Expedited Funds Availability Act, were discussed in a recent meeting among Federal Reserve and NAFCU staff.

NAFCU's Steve Van Beek (left) and Tessema Tefferi discussed coming Reg CC changes with Federal Reserve staff Friday.

In the meeting, NAFCU Senior Regulatory Affairs Counsel Tessema Tefferi and Director of Compliance Steve Van Beek addressed a number of issues with the Fed staff, including the regulation's timelines for making funds available, fraud issues and challenges for credit unions.

Reg CC, which regulates funds availability requirements, is under the joint jurisdiction of the CFPB and Federal Reserve Board. The Fed has a proposal on Reg CC outstanding since 2011, and the CFPB has placed the rule on its own semiannual agenda of regulations.

NAFCU recently wrote both agencies on the rule. "We appreciate the Fed staff reaching out to us to discuss these important matters and look forward to working with them, as well as the CFPB staff, on changes and updates to Regulation CC," Tefferi said.