Technical Amendments Effective April 28, 1997
To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The following is from a statement issued by the Board of Governors of the Federal Reserve System:
The Federal Reserve Board has announced approval of clarifying and technical amendments to its Regulation CC, which governs the availability of funds and the collection of checks.
Among other things, the amendments, effective April 28, reduce compliance burden for depository institutions in some cases and permit institutions to satisfy the requirements to provide notice and disclosure by electronic means, if certain conditions are met.
A review of the regulation was made under Section 303 of the Riegle Community Development and Regulatory Improvement Act of 1994. That Section directs the federal banking agencies to review their rules in order to improve efficiency, reduce unnecessary costs, and remove inconsistencies and outmoded and duplicative requirements.
A copy as published in the Federal Register of March 24 is attached as a (pdf) file. Questions on this matter may be directed to Janice A. Oser, Supervising Examiner, Compliance Examinations Department.