Corrections by the Federal Reserve to Regulation CC revisions on funds availability (check holds) were forwarded to credit unions Monday in a Consumer Financial Protection Update (19-14) from the National Credit Union Administration (NCUA).
The Federal Reserve Board published a final rule in July to implement a statutory requirement in the Expedited Funds Availability Act (EFA Act) to adjust the dollar amounts for inflation, incorporate the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA, S. 2155), and make certain other technical amendments. The corrections revise amounts shown in amendatory instructions published in the July final rule.