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Fed discloses final changes to Regulation CC check collection, return provisions

The Federal Reserve Board on May 31 disclosed final amendments to Regulation CC, which implements the Expedited Funds Availability Act of 1987.

The amendments, which will take effect July 1, 2018, create a framework for electronic check collection and return and create new warranties for electronic checks, leading to a consistent warranty chain regardless of the check's form.

They also modify the expeditious-return and notice of nonpayment requirements to create incentives for electronic presentment and return.

The Federal Reserve Board, in response to comments received, is also asking for comment on proposed language amending Regulation CC's existing liability provisions to include a presumption that a substitute or electronic check was altered instead of forged in certain cases of doubt.