• The CC Regulation implements the 1987 Expedited Funds Act, which establishes requirements that banks must provide deposited funds in accordance with established schedules.
  • The CC regulation requires financial institutionsto provide account holders with information indicating when deposited funds will be available for withdrawal.
  • The CC regulation addresses the long waiting times faced by customers after they deposit checks with banks, including the introduction of a maximum holding time.
  • The passage of the 21st Century Check Clearing Act, implemented under Regulation CC, allowed check collection among US banks to become predominantly electronic.