Comments Due to NAFCU: Federal Reserve System - Regulation CC – Forged or Altered Checks

Calendar Thumbnail - Comments Due to NAFCU

July 17, 2017

The Board of Governors of the Federal Reserve System is proposing to amend Regulation CC to address situations where there is a dispute as to whether a check has been altered or is a forgery, and the original paper check is not available for inspection. NAFCU would like to highlight the following:

  • The proposed rule would adopt a presumption of alteration for any dispute over whether the dollar amount or the payee on a substitute check or electronic check has been altered or whether the substitute check or electronic check is derived from an original check that is a forgery.
  • This rule is intended to provide clarity as to the burden of proof in these situations.

Regulatory Alert: 17-EA-15: Federal Reserve System - Regulation CC - Forged or Altered Checks (member-only; login required)

Take the NAFCU Member Survey for Comments (Comments due to NAFCU by July 17, 2017)

NAFCU will send comments on behalf of its members to the Federal Reserve by their deadline (August 1, 2017).