Comments Due to NAFCU: Multi-Agency Jointly Published Proposed Rule to Amend the Availability of Funds and Collection of Checks (Regulation CC)
NAFCU would like to highlight the following:
- On December 10, 2018, the Bureau of Consumer Financial Protection (Bureau) and the Board of Governors of the Federal Reserve System (Board)—collectively, “the Agencies”— jointly published a proposed rule to amend Regulation CC. The proposal introduces a new calculation methodology for implementing a statutory requirement to adjust the dollar amounts in the Expedited Funds Availability Act (EFA Act) every five years by the aggregate annual percentage increase in the Consumer Price Index for Wage Earners and Clerical Workers (CPI-W) rounded to the nearest multiple of $25.
- The proposal implements Section 208 of the Economic Growth, Regulatory Relief and Consumer Protection Act, which extended coverage of the EFA Act to U.S. territories.
- The proposal includes technical, non-substantive changes to the Bureau’s Regulation DD to ensure consistency with the proposed amendments to Regulation CC and correct a technical error contained in certain formulas.
- The proposal invites comment on certain amendments to Regulation CC that the Board originally proposed in 2011 (2011 Funds Availability Proposal).
Comments due to NAFCU: January 21, 2019
Comments due to Agencies: February 8, 2019
NAFCU will send comments on behalf of its members to the NCUA by their deadline (January 21, 2019).