Regulation CC: Expedited Funds Availability

The Board of Governors of the Federal Reserve System has adopted final regulations to implement the Expedited Funds Availability Act, enacted as part of the Competitive Equality Banking Act of 1987. The final regulation was adopted by the Board as Regulation CC. The primary objectives of Regulation CC are to provide depositors access to deposited funds on a timely basis by requiring availability schedules for certain categories of deposits and to require disclosure of the schedules actually adopted by financial institutions. Subpart A of Regulation CC defines: 1. account, 2. bank, 3. business day and banking day, 4. local check, and 5. proprietary automated teller machine. Subpart B of Regulation CC delineates: 1. funds availability schedule for cash and other deposits that are cash equivalents, 2. temporary and permanent availability schedules, 3. payment of interest requirements, and 4. disclosures about funds availability that must be made to bank customers.