Regulatory AlertsCA 18-8: Revised Interagency Examination Procedures for Regulation CC
The Board of Governors of the Federal Reserve System issued CA 18-8 to update interagency examination procedures for Regulation CC and the Expedited Funds Availability Act. These revised procedures supersede CA Letter 04-9 and incorporate amendments effective July 1, 2018, including extended coverage to American Samoa, the Commonwealth of the Northern Mariana Islands, and Guam. The guidance applies to all institutions supervised by the Federal Reserve and removes outdated examples and examination procedures to align with current regulatory requirements.
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CA 18-8: Revised Interagency Examination Procedures for Regulation CC
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551
DIVISION OF CONSUMER AND COMMUNITY AFFAIRS
CA 18-8
October 17, 2018
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS:
SUBJECT:
Revised Interagency Examination Procedures for Regulation CC
Applicability to Community Banking Organizations: This guidance applies to all institutions supervised by the Federal Reserve, including those with total consolidated assets of $10 billion or less.
The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently developed the attached interagency examination procedures for Regulation CC (Expedited Funds Availability Act (EFAA)). These revised examination procedures supersede the examination procedures transmitted with CA Letter 04-9.
The attached document reflects amendments to Regulation CC effective on July 1, 2018. The document also incorporates amendments to the EFAA in the Economic Growth, Regulatory Relief, and Consumer Protection Act, [1] which include extending coverage to American Samoa,the Commonwealth of the Northern Mariana Islands, and Guam. Finally, the document has been updated to remove outdated examples and examination procedures.
If you have any questions concerning this letter, please contact Dana Miller, Senior Counsel, Supervisory Policy and Outreach at (202) 452-2751. In addition, questions may be sent via the Board’s public website. [2]
signed by Carol Evans Associate Director Division of Consumer and Community Affairs
Supersedes:
CA 04-9, “Revised Regulation CC Examination Procedures - Check Clearing for the 21st Century” (Oct. 28, 2004)
Attachments:
Revised Interagency Examination Procedures for Regulation CC
Notes:
Public Law 115-174, section 208 (2018). Return to text
See http://www.federalreserve.gov/apps/contactus/feedback.aspx.
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Last Update:
October 17, 2018