[Code of Federal Regulations] [Title 12, Volume 3] [Revised as of January 1, 2006] From the U.S. Government Printing Office via GPO Access [CITE: 12CFR229.1] [Page 539-540] 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. Subpart A_General Sec. 229.1 Authority and purpose; organization. 229.2 Definitions. 229.3 Administrative enforcement. Subpart B_Availability of Funds and Disclosure of Funds Availability Policies 229.10 Next-day availability. 229.11 [Reserved] 229.12 Availability schedule. 229.13 Exceptions. 229.14 Payment of interest. 229.15 General disclosure requirements. 229.16 Specific availability policy disclosure. 229.17 Initial disclosures. 229.18 Additional disclosure requirements. 229.19 Miscellaneous. 229.20 Relation to state law. 229.21 Civil liability. Subpart C_Collection of Checks 229.30 Paying bank's responsibility for return of checks. 229.31 Returning bank's responsibility for return of checks. 229.32 Depositary bank's responsibility for returned checks. 229.33 Notice of nonpayment. 229.34 Warranties. 229.35 Indorsements. 229.36 Presentment and issuance of checks. 229.37 Variation by agreement. 229.38 Liability. 229.39 Insolvency of bank. 229.40 Effect of merger transaction. 229.41 Relation to State law. 229.42 Exclusions. 229.43 Checks payable in Guam, American Samoa, and the Northern Mariana Islands. Subpart D_Substitute Checks 229.51 General provisions governing substitute checks. 229.52 Substitute check warranties. 229.53 Substitute check indemnity. 229.54 Expedited recredit for consumers. 229.55 Expedited recredit for banks. 229.56 Liability. 229.57 Consumer awareness. 229.58 Mode of delivery of information. 229.59 Relation to other law. 229.60 Variation by agreement. Appendix A to Part 229--Routing Number Guide to Next-Day Availability Checks and Local Checks Appendix B to Part 229--Reduction of Schedules for Certain Nonlocal Checks Appendix C to Part 229--Model Availability Policy Disclosures, Clauses, and Notices; Model Substitute Check Policy Disclosure and Notices Appendix D to Part 229--Indorsement, Reconverting Bank Identification, and Truncating Bank Identification Standards [[Page 540]] Appendix E to Part 229--Commentary Appendix F to Part 229--Official Board Interpretations; Preemption Determinations Authority: 12 U.S.C. 4001-4010, 12 U.S.C. 5001-5018. Source: 53 FR 19433, May 27, 1988, unless otherwise noted. (a) Authority and purpose. This part is issued by the Board of Governors of the Federal Reserve System (Board) to implement the Expedited Funds Availability Act (12 U.S.C. 4001-4010) (the EFA Act) and the Check Clearing for the 21st Century Act (12 U.S.C. 5001-5018) (the Check 21 Act). (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 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. (4) Subpart D of this part contains rules relating to substitute checks. These rules address the creation and legal status of substitute checks; the substitute check warranties and indemnity; expedited recredit procedures for resolving improper charges and warranty claims associated with substitute checks provided to consumers; and the disclosure and notices that banks must provide. [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; 69 FR 47309, Aug. 4, 2004]