Dodd-Frank Wall Street Reform and Consumer Protection Act’s Regulations CC
This circular is provided to advise management of a provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of 2010 that becomes effective July 21, 2011. Specifically, Section 1086 of the Dodd-Frank Act amends the Expedited Funds Availability Act (EFAA) implemented by Regulation CC. The Dodd-Frank Act amends the EFAA to require depository institutions to make the first $200 of funds deposited by certain check(s)1 into an account available for withdrawal on the business day after the banking day that a deposit is received. Currently, depository institutions must make the first $100 available on the business day after such a deposit.
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