[Code of Federal Regulations]
[Title 12, Volume 3]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR229.1]

[Page 520-521]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 229--AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS (REGULATION CC)--Table of Contents
 
                           Subpart A--General
 
Sec. 229.1  Authority and purpose; organization.


    (a) Authority and purpose. This part (Regulation CC; 12 CFR part 
229) is issued by the Board of Governors of the Federal Reserve System 
(Board) to implement the Expedited Funds Availability Act (Act) (title 
VI of Pub. L. 100-86, 101 Stat. 552, 635), as amended by section 1001 of 
the Cranston-Gonzalez National Affordable Housing Act of 1990 (Pub. L. 
101-625, 104 Stat. 4079, 4424) and sections 212(h), 225, and 227 of the 
Federal Deposit Insurance Corporation Improvement Act of 1991 (Pub. L. 
102-242, 105 Stat. 2236, 2303, 2307).
    (b) Organization. This part is divided into subparts and appendices 
as follows--
    (1) Subpart A contains general information. It sets forth--
    (i) The authority, purpose, and organization;
    (ii) Definition of terms; and
    (iii) Authority for administrative enforcement of this part's 
provisions.
    (2) Subpart B of this part contains rules regarding the duty of 
banks to make funds deposited into accounts available for withdrawal, 
including availability schedules. Subpart B of this part also contains 
rules regarding exceptions to the schedules, disclosure of funds 
availability policies, payment of interest, liability of banks for 
failure to comply with Subpart B of this part, and other matters.
    (3) Subpart C of this part contains rules to expedite the collection 
and return of checks by banks. These rules cover the direct return of 
checks, the manner in which the paying bank and

[[Page 521]]

returning banks must return checks to the depositary bank, notification 
of nonpayment by the paying bank, indorsement and presentment of checks, 
same-day settlement for certain checks, the liability of banks for 
failure to comply with subpart C of this part, and other matters.

[53 FR 19433, May 27, 1988, as amended at 57 FR 36598, Aug. 14, 1992; 57 
FR 46972, Oct. 14, 1992; Reg. CC, 60 FR 51670, Oct. 3, 1995]