Understanding Regulation CC and the New Amendments
Has your financial institution taken losses due to counterfeit checks, check kiting or other check frauds?
Did losses occur because your staff did not know how to properly apply holds on customer deposits? Are you confused about how to handle check holds now that there are no longer “non-local checks?”
With the multitude of regulations and laws requiring compliance on a daily basis, the Expedited Funds Availability Act (Regulation CC) is one of the most misunderstood regulations that can impact both the retail and commercial sides of a financial institution. A financial institution risks significant financial liability for improperly placing holds on deposits. On the other hand, if used properly, Regulation CC is one of the financial institution’s best protections from check fraud losses. Furthermore, recent changes enacted to modernize Regulation CC will greatly impact how your financial institution process checks and return items.
- A review of the final amendments to Regulation CC, which will impact fraud loss allocation and backroom check processing operations, set to take effect July 1, 2018;
- March 2011 proposed changes to Regulation CC that, if finalized, will significantly impact how holds are placed on deposits;
- What every banker needs to know about the workings of Regulation CC, placing holds on deposits and the effect of changes to the check processing system;
- The most common errors financial institutions make when making the decision to place a hold on a deposit;
- The methods of maximizing Regulation CC’s benefits so that your financial institution can get the most from it, especially when trying to protect the institution from losses due to check fraud;
- Participants will be given an opportunity to work with real-life scenarios to see how the regulation is supposed to be applied.
This informative session is designed for deposit-based personnel of all experience levels, compliance officers, legal counsel and senior management.
Terri D. Thomas is Senior VP and Legal Department Director for the Kansas Bankers Association. Prior to this, she was with “Bankers Choice,” a financial consulting firm. Before this, Terri was employed in the financial industry for over twenty-three years in various capacities. Most notably, she served for fourteen years as in-house legal counsel and trust officer for Bank of America and its Kansas predecessors. Receiving her Bachelor of Arts degree from Kansas State University in 1985, Terri continued her education at Washburn University School of Law and obtained her Juris Doctor in 1988.
Previously, she served as an adjunct instructor at Washburn University School of Law and the University of Kansas School of Law and is a frequent presenter for banking schools and financial associations.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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