Amendments to Regulation CC, Availability of Funds and Collection of Checks
On March 17, 1997, the Federal Reserve Board approved clarifying and technical amendments to
Regulation CC, which governs the availability of funds and the collection of checks. A copy of
the Federal Reserve Boardís March 18 press release announcing approval of the amendments and
a copy of the final rule are attached.
The amendments, which are effective on April 28, 1997, will reduce the compliance burden for
depository institutions by:
permitting institutions to satisfy the requirements to provide notice and disclosure by
electronic means, if certain conditions are met;
providing more flexibility for hold notices under emergency conditions; and
Distribution: FDIC-Supervised Banks (Commercial and Savings)
Note: Paper copies of FDIC financial institution letters may be obtained through the FDICís
Public Information Center, 801 17th Street, N.W., Room 100, Washington, D.C. 20434 ((703) 562-2200 or 800-276-6003).