Regulation CC implements both the Expedited Funds Availability Act (EFA) and the Check Clearing for the 21st Century Act (Check 21). The EFA mandates how quickly institutions must make deposited funds available to their customers, that they notify customers of their availability policies and provide required disclosures. Check 21 allows institutions to use electronic images of checks (aka substitute checks) which expedites check processing times and reduces costs. It also offers consumer protections related to substitute check errors.
Kevin explains more in the video.
Published 2025/01/19