New Reg CC Brings New Liability Considerations For Banks

Law360, New York (August 11, 2017, 12:10 PM EDT) -- On June 15, 2017, the Federal Reserve Board published in the Federal Register final amendments to Regulation CC (Availability of Funds and Collection of Checks). The amendments contain a number of changes that will affect financial institutions, such as modifications to check return requirements, additional warranties and new indemnities, including a new indemnity for remote deposit capture (RDC). (Spoiler alert: The indemnity for RDC has significant implications for financial institutions that offer RDC services.) The rule will become effective July 1, 2018.

Regulation CC implements the...
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