At least two regulatory actions are expected by the Federal Reserve this summer and fall, the central bank reports in its spring 2019 agenda, including on funds availability through checking accounts.
In its Semiannual Regulatory Flexibility Agenda scheduled for publication Monday in the Federal Register, the Fed said it expects to consider as early as this month action on subpart B of Regulation CC (Expedited Funds Availability Act, or EFAA), which governs the availability of funds after a check deposit, as well as check collection and return. Subpart B concerns the rule’s funds availability schedule provisions.
The changes to subpart B were proposed in 2011, along with changes to subpart C of the rule. The Fed in 2017 finalized the subpart C changes, which were aimed at facilitating the banking industry’s ongoing transition to fully electronic interbank check collection and return, including encouraging depository banks to receive and paying banks to send returned checks electronically. The action on subpart B will close the loop on the 2011 proposals.
The agenda also shows that the Fed hopes to complete by year’s end its regulations that incorporate the agency’s oversight of savings and loan and mutual holding companies (Regulations LL and MM, respectively). The Fed assumed supervision of the entities in 2011 following passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
The agenda also notes Fed action on a final rule allowing for a streamlined version of the quarterly call report that would be allowed for banks and thrifts with less than $5 billion assets that do not engage in “certain complex or international activities.” The final rule was released June 17; it takes effect July 22.