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FRB Issues Final Rule Amending Reg. CC To Account For Electronic Check Collection

LexisNexis (August 1, 2017, 1:42 PM EDT) -- On June 1, 2017, after a multi-year delay, the Federal Reserve Board has published its Final Rule amending Regulation CC, effective July 1, 2018.  The FRB summarizes its efforts as follows:

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. ...
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