WASHINGTON—Technical amendments to Regulation CC, including changes made by the Economic, Growth, Regulatory Relief and Consumer Protection Act (S.2155) which impact institutions located in U.S. territories, are set to become effective next week.
The new rule, jointly published by the Federal Reserve and CFPB, does not implement adjustments to funds availability amounts until July 1, 2020.
Technical, non-substantive changes to the Bureau's Regulation DD were also made to ensure consistency with the final amendments to Regulation CC and to correct a technical error found in certain formulas.
Credit unions must implement these changes by the Sept. 3 compliance deadline.
NAFCU reminded it has numerous resources available designed to help keep credit unions compliant including:
- A Final Regulation
- Compliance blog
- A compliance calendar containing important upcoming dates and deadlines for credit union regulatory compliance requirements
Also in Final Rule
The final rule also implements a new calculation methodology for adjusting dollar amounts under the Electronic Funds Availability (EFA) Act to account for inflation, which was finalized as proposed, but with a three-month delay of the effective date to July 1, 2020, NAFCU noted, adding the final rule does not indicate whether additional changes to Regulation CC are expected in the future.