Changes to the Regulation CC, implementing the law controlling availability of funds in checking accounts, have been made to the Federal Deposit Insurance Corp.’s (FDIC) Compliance Examination Manual (CEM). According to the FDIC, the chapter on Reg CC reflects amendments made to the regulation regarding check collections and return provisions.
The agency’s CEM, it notes, provides supervisory information to FDIC examination staff that conduct consumer compliance examinations, Community Reinvestment Act (CRA) performance evaluations, and other supervisory activities. It includes supervisory policies and examination procedures for evaluating financial institutions’ compliance with federal consumer protection laws and regulations.
The manual is designed to promote consistency and efficiency in the examination process and compliance with applicable laws and regulations, the FDIC noted; financial institutions can use the CEM to obtain more information about the FDIC’s examination process