|For immediate release|
The Federal Reserve Board today requested comment on the potential benefits and drawbacks of a modification to its Regulation CC, Availability of Funds and Collection of Checks, that would shorten the maximum hold for many nonlocal checks.
Comments are requested by March 15, 1999.
This modification would shorten the availability schedule for nonlocal checks from five to four business days but permit a depositary bank to retain a five-day schedule for those categories of nonlocal checks that it certifies are not generally returned within a shorter period. This proposal is one of several alternative modifications to the nonlocal check availability schedule that the Board is considering.
The Board's notice is attached.
|Summary only | Summary and advance notice of proposed rulemaking (30 KB PDF)|
1998 Banking and consumer regulatory policy