Download or read book Availability of Funds and Collection of Checks (Us Federal Reserve System Regulation) (Frs) (2018 Edition) written by The Law The Law Library and published by Createspace Independent Publishing Platform. This book was released on 2018-10-06 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: Availability of Funds and Collection of Checks (US Federal Reserve System Regulation) (FRS) (2018 Edition) The Law Library presents the complete text of the Availability of Funds and Collection of Checks (US Federal Reserve System Regulation) (FRS) (2018 Edition). Updated as of May 29, 2018 The Board is amending subparts A, C, and D of Regulation CC, Availability of Funds and Collection of Checks, which implements the Expedited Funds Availability Act of 1987 (EFA Act), the Check Clearing for the 21st Century Act of 2003 (Check 21 Act), and the official staff commentary to the regulation. In the final rule, the Board has modified the current check collection and return requirements to reflect the virtually all-electronic check collection and return environment and to encourage all depositary banks to receive, and paying banks to send, returned checks electronically. The Board has retained, without change, the current same-day settlement rule for paper checks. The Board is also applying Regulation CC's existing check warranties under subpart C to checks that are collected electronically, and in addition, has adopted new warranties and indemnities related to checks collected and returned electronically and to electronically-created items. This book contains: - The complete text of the Availability of Funds and Collection of Checks (US Federal Reserve System Regulation) (FRS) (2018 Edition) - A table of contents with the page number of each section