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 Finally, the document has been updated to remove outdated examples and examination procedures.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)

Notes:

[1] Public Law 115-174, section 208 (2018).

[2] See http://www.federalreserve.gov/apps/contactus/feedback.aspx.

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Last Update: October 17, 2018