(a) Authority
and purpose.
(1) In general. 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) (EFA Act)
and the Check Clearing for the 21st Century Act (12 U.S.C. 5001-5018)
(Check 21 Act).
(2) Joint authority of the Bureau. The Board
issues regulations under sections 603(d)(1), 604, 605, and 609(a)
of the EFA Act (12 U.S.C. 4002(d)(1), 4003, 4004, 4008(a)) jointly
with the Director of the Bureau of Consumer Financial Protection (Bureau).
(b) Organization. This part is divided into
subparts and appendixes 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 and
electronic checks by banks. These rules cover the direct return of
checks and electronic checks, the manner in which the paying bank
and returning banks must return checks and electronic checks to the
depositary bank, notification of nonpayment by the paying bank, indorsement
and presentment of checks and electronic 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.
(5) Appendix A of this part contains
a routing number guide to next day-availability checks. The guide
lists the routing numbers of checks drawn on Federal Reserve Banks
and Federal Home Loan Banks, and U.S. Treasury checks and Postal money
orders that are subject to next-day availability.
(6) Appendix B of this part is reserved.
(7) Appendix C of this part contains
model funds-availability policy disclosures, clauses, and notices
and a model disclosure and notices related to substitute-check policies.
(8) Appendix D of this part is reserved.
(9) Appendix E of this part contains
Board interpretations, which are labeled “Commentary,” of the provisions
of this part. The Commentary provides background material to explain
the Board’s intent in adopting a particular part of the regulation
and provides examples to aid in understanding how a particular requirement
is to work. The Commentary is an official Board interpretation under
section 611(e) of the EFA Act (12 U.S.C. 4010(e)).
(10) Appendix F of this part contains the
Board’s determinations of the EFA Act and Regulation CC’s preemption
of state laws that were in effect on September 1, 1989.
