Reg CC Changes Finalized

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    On Monday, June 24, 2019, the Consumer Financial Protection Bureau (CFPB) and Federal Reserve Board (FRB) finalized amendments to Regulation CC, which implements the Expedited Funds Availability Act of 1987 (EFA Act). The amendments institute a Dodd-Frank Act statutory requirement to adjust for inflation the amount of funds depository institutions must make available to their customers. The amendments also extend coverage of the EFA Act to American Samoa, the Commonwealth of the Northern Mariana Islands, and Guam as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act.

    The Dodd-Frank Act amendments require the EFA Act dollar amounts to be adjusted every five years based on the annual percentage increase of Consumer Price Index for Urban Wage Earners or CPI-W, rounded to the nearest multiple of $25. As implemented through this final rule, the first adjustments will change the:

    $100 amount (amended to $200 in the EFA Act by the Dodd Frank Act in 2011) in § 229.10, 229.12, 229.13 to $225;
    $400 amount in § 229.12(d) to $450;
    $5,000 amount in § 229.13(a),(b), and (d) to $5,525; and
    $1,000 and $500,000 amounts in § 229.21(a) to $1,100 and $552,500….

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