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Can you summarize 12 CFR Part 229?
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM > AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS (REGULATION CC)
Short Summary
The provided legal document content consists of multiple documents falling under the regulation titled ‘Availability of Funds and Disclosure of Funds Availability Policies’ issued by the Board of Governors of the Federal Reserve System. These documents govern the availability of funds and the disclosure of funds availability policies for banks, depository banks, and their customers. They specify the timeframes within which banks must make funds available for withdrawal based on the type of deposit, such as cash, electronic payments, and certain check deposits. The documents also outline various exceptions to the availability requirements, including new accounts, large deposits, redeposited checks, repeated overdrafts, reasonable cause to doubt collectibility, and emergency conditions. They provide guidelines for making funds available for withdrawal for local checks, nonlocal checks, checks drawn on Federal Reserve Banks or Federal Home Loan Banks, and certain other types of checks. The documents also address the payment of interest on funds deposited in interest-bearing accounts and the requirements for banks to provide notice and disclosure regarding the availability of funds to their customers. Additionally, they cover the civil liability of banks for non-compliance with the requirements imposed under the regulation. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Banks, financial institutions, depository banks, and their customers
What does it govern?
Availability of funds and collection of checks
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
U.S. Federal Government