12 CFR 229.43 - Checks payable in Guam, American Samoa, and the Northern Mariana Islands.

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§ 229.43 Checks payable in Guam, American Samoa, and the Northern Mariana Islands.

Link to an amendment published at 82 FR 27584, June 15, 2017.

(a)Definitions. The definitions in § 229.2 apply to this section, unless otherwise noted. In addition, for the purposes of this section -

(1)Pacific island bank means an office of an institution that would be a bank as defined in § 229.2(e) but for the fact that the office is located in Guam, American Samoa, or the Northern Mariana Islands;

(2)Pacific island check means a demand draft drawn on or payable through or at a Pacific island bank, which is not a check as defined in § 229.2(k).

(b)Rules applicable to Pacific island checks. To the extent a bank handles a Pacific island check as if it were a check defined in § 229.2(k), the bank is subject to the following sections of this part (and the word “check” in each such section is construed to include a Pacific island check) -

(1) § 229.31, except that the returning bank is not subject to the requirement to return a Pacific island check in an expeditious manner;

(2) § 229.32;

(3) § 229.34(c)(2), (c)(3), (d), (e), and (f);

(4) § 229.35; for purposes of § 229.35(c), the Pacific island bank is deemed to be a bank;

(5) § 229.36(d);

(6) § 229.37;

(7) § 229.38(a) and (c) through (h);

(8) § 229.39(a), (b), (c) and (e); and

(9) §§ 229.40 through 229.42.

[Reg. CC, 62 FR 13810, Mar. 24, 1997, as amended at 70 FR 71225, Nov. 28, 2005]

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code

U.S. Code: Title 12 - BANKS AND BANKING

§ 4001 - Definitions

§ 4002 - Expedited funds availability schedules

§ 4003 - Safeguard exceptions

§ 4004 - Disclosure of funds availability policies

§ 4005 - Payment of interest

§ 4006 - Miscellaneous provisions

§ 4007 - Effect on State law

§ 4008 - Regulations and reports by Board

§ 4009 - Administrative enforcement

§ 4010 - Civil liability

§ 5001 - Findings; purposes

§ 5002 - Definitions

§ 5003 - General provisions governing substitute checks

§ 5004 - Substitute check warranties

§ 5005 - Indemnity

§ 5006 - Expedited recredit for consumers

§ 5007 - Expedited recredit procedures for banks

§ 5008 - Delays in an emergency

§ 5009 - Measure of damages

§ 5010 - Statute of limitations and notice of claim

§ 5011 - Consumer awareness

§ 5012 - Effect on other law

§ 5013 - Variation by agreement

§ 5014 - Regulations

§ 5015 - Study and report on funds availability

§ 5016 - Statistical reporting of costs and revenues for transporting checks between reserve banks

§ 5017 - Evaluation and report by the Comptroller General

§ 5018 - Depositary services efficiency and cost reduction

Title 12 published on 20-Sep-2017 03:56

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 229 after this date.

2017-06-15; vol. 82 # 114 - Thursday, June 15, 2017

82 FR 27552 - Availability of Funds and Collection of Checks

GPO FDSys XML | Text

Additional Documents

type	regulations.gov
FR Doc.	2017-11379
RIN	7100-AD68
Regulation	CC
Docket No.	R-1409

FEDERAL RESERVE SYSTEM

Final rule.

Effective July 1, 2018.

12 CFR Part 229

Summary

The Board is amending subparts A, C, and D of Regulation CC, Availability of Funds and Collection of Checks, which implements the Expedited Funds Availability Act of 1987 (EFA Act), the Check Clearing for the 21st Century Act of 2003 (Check 21 Act), and the official staff commentary to the regulation. In the final rule, the Board has modified the current check collection and return requirements to reflect the virtually all-electronic check collection and return environment and to encourage all depositary banks to receive, and paying banks to send, returned checks electronically. The Board has retained, without change, the current same-day settlement rule for paper checks. The Board is also applying Regulation CC's existing check warranties under subpart C to checks that are collected electronically, and in addition, has adopted new warranties and indemnities related to checks collected and returned electronically and to electronically-created items.

2017-06-02; vol. 82 # 105 - Friday, June 2, 2017

82 FR 25539 - Availability of Funds and Collection of Checks

GPO FDSys XML | Text

Additional Documents

type	regulations.gov
FR Doc.	2017-11380
RIN	7100; 78
Regulation	CC
Docket No.	R-1564

FEDERAL RESERVE SYSTEM

Proposed rule, request for comment.

Comments must be submitted by August 1, 2017.

12 CFR Part 229

Summary

The Board is proposing to amend Regulation CC to address situations where there is a dispute as to whether a check has been altered or is a forgery, and the original paper check is not available for inspection. The proposed rule would adopt a presumption of alteration for any dispute over whether the dollar amount or the payee on a substitute check or electronic check has been altered or whether the substitute check or electronic check is derived from an original check that is a forgery. This rule is intended to provide clarity as to the burden of proof in these situations.

2014-02-04; vol. 79 # 23 - Tuesday, February 4, 2014

79 FR 6674 - Availability of Funds and Collection of Checks

GPO FDSys XML | Text

Additional Documents

type	regulations.gov
FR Doc.	2013-30024
RIN	7100-AD68
Regulation	CC
Docket No.	R-1409

FEDERAL RESERVE SYSTEM

Proposed rule, request for comment.

Comments must be submitted by May 2, 2014.

12 CFR Part 229

Summary

On March 25, 2011, the Board published a notice of proposed rulemaking (“2011 proposal”) intended to facilitate the banking industry's ongoing transition to fully electronic interbank check collection and return. Based on its analysis of the comments received in response to the 2011 proposal, the Board is revising its proposed amendments to subparts C and D of Regulation CC and is requesting comment on a revised proposed rule that would, among other things, encourage depositary banks to receive and paying banks to send returned checks electronically. The Board is requesting comment on two alternative frameworks for return requirements. Under Alternative 1, the expeditious-return requirement currently imposed on paying banks and returning banks for returned checks would be eliminated; a paying bank returning a check would be required to provide the depositary bank with a notice of nonpayment of the check—regardless of the amount of the check being returned—only if the paying bank sends the returned check in paper form. Under Alternative 2, the current expeditious-return requirement—using the current two-day test—would be retained for checks being returned to a depositary bank electronically via another bank, but the notice-of-nonpayment requirement would be eliminated. The Board is proposing to retain, without change, the regulation's current same-day settlement rule for paper checks. In addition, the Board is also requesting comment on applying Regulation CC's existing check warranties to checks that are collected electronically and on new warranties and indemnities related to checks collected electronically and to electronically-created items.