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The Federal Reserve on Wednesday finalized amendments to the liability provision of Regulation CC, creating a regulatory presumption for resolving disputes over certain potentially altered or forged checks. NAFCU wrote a letter supporting the proposal last year.

The amendments become effective Jan. 1, 2019.

The changes include a presumption that a substitute or electronic check was altered in certain cases of doubt (when the original check is not available). "The presumption applies only to disputes between banks and only when one bank has transferred an electronic or substitute check to the other bank. As with existing rules under Regulation CC, the parties may, by mutual agreement, vary the effect of the amendments' provisions," according the Fed's explanation.

Also, the amendments clarify that this presumption does not apply if it runs contrary to another existing regulation.

NAFCU also weighed in with its support of these changes in an industry trades letter.