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The Consumer Financial Protection Bureau and the Federal Reserve Board jointly published amendments to Regulation CC that implement a statutory requirement to adjust for inflation the amount of funds depository institutions must make available to their customers. The amendments apply in circumstances ranging from next business day withdrawal of certain check deposits to setting the threshold amount for determining whether an account has been repeatedly withdrawn.
The Dodd-Frank Act amendments require that the EFA Act’s dollar amounts be inflation adjusted every five years by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
To help ensure that institutions have sufficient time to implement the adjustments, the compliance date for the adjusted amounts is July 1, 2020.
The agencies are also implementing in Regulation CC the EFA Act amendments made by the Economic Growth, Regulatory Relief, and Consumer Protection Act, which include extending coverage of the EFA Act to American Samoa, the Commonwealth of the Northern Mariana Islands, and Guam.
- What are the new numbers and what has changed;
- How to change your policy;
- How to change your teller system;
- How to calculate holds with new numbers;
- Geographic changes and what they mean;
- Teller Job Tools redefined;
- Problems calculating holds with new numbers;
- Updated Regulation CC training for tellers.
This informative recording is designed for Compliance Officers, Deposit Operations, Tellers, Teller trainers, Training and Branch Staff.