Removing Barriers Blog

CUNA Seeks New CFPB Proposal on Regulation CC
Posted September 27, 2017 by Chandler Schuette

Today, CUNA sent a letter to the CFPB requesting it re-propose changes to Reg CC (Expedited Funds Availability Act) issued by the Federal Reserve in 2011. The proposed changes would update Reg CC regarding the availability of funds and collection of checks. 

While the Fed used to have complete authority over Reg CC, the CFPB now has rulemaking authority over certain aspects of it, including those addressed in the proposal. We believe the CFPB should re-propose the changes not only because it is now the relevant agency but also because it’s been over 6 years since it was originally proposed. The most recent unified agenda has the CFPB issuing a final Reg CC rule this past summer. We will keep you posted on any developments.