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Reg CC questions answered in Compliance Blog
In response to an increase in questions related to Regulation CC's funds availability requirements, NAFCU's Regulatory Compliance Counsel Reginald Watson gives an overview of funds availability and answers some frequently asked questions in the latest Compliance Blog post.
The Federal Reserve's Regulation CC establishes availability guidelines for funds deposited into transaction accounts. Credit unions must provide specific disclosures that comply with Regulation CC and describe the credit union's policy on when funds deposited into an account will be available for withdrawal. Watson points to the Fed's Compliance Guide on the regulation for broader analysis.
In the blog post, Watson explicitly details answers on the following topics:
- Regulation CC's required notices on deposit slips and receipts;
- whether a credit union may allow all funds to be available for immediate withdrawal as soon as deposited; and
- what time should funds be made available if the credit union's policy is to make funds available by the next business day.
For more on Regulation CC, read Watson's blog here. Those interested can sign up to receive new NAFCU Compliance Blog posts in their inbox every Monday, Wednesday and Friday here.