FRB: Availability of Funds and Collection of Checks

ABA Contact: Nessa Feddis
Released: December 22, 2003 Federal Register
Published: January 8, 2004 Federal Register
Comments Due: March 12, 2004
Disposition: Filed on March 11, 2004


On December 22, 2003, The Federal Reserve Board approved a proposed rule to amend Regulation CC and its commentary to implement the Check Clearing for the 21st Century Act (Check 21 Act). See ABA's Outline of the Proposed Check 21 Regulations.

The Board's proposed amendments: (1) set forth the requirements of the Check 21 Act that apply to banks; (2) provide a model disclosure and model notices relating to substitute checks; and (3) set forth bank endorsement and identification requirements for substitute checks. The proposed amendments also clarify some existing provisions of the rule and commentary.

Comment on the proposed rule is requested by March 12, 2004.

2004 Regulations Chart
December 22, 2003 Federal Register
Final Rule, August 4, 2004
ABA Comment Letter, March 11, 2004
Industry Group Letter, March 11, 2004
Additional Industry Group Letter, May 18, 2004

Questions? Please contact Nessa Feddis for more information.