Regulation CC Final and Proposed Rule Summary
This Final and Proposed Rule Summary encompasses the changes to Regulation C Subparts A, C and D. Important takeaways include: 1) adding definitions of Electronic Check and Electronically created item; 2) expedited return times of 2 pm on the second business day; 3) adding specific warranties and indemnities for electronic items including remotely created items; 4) increase in the large item notice threshold from $2,500 to $5,000; and 5) adding sections specific only to "paper checks." The propose rule relates to alterations and forgeries of substitute checks.
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