The Federal Reserve Board and the CFPB final rule to implement a requirement for certain dollar amounts and thresholds to be inflation-adjusted periodically under Regulation CC was published in the Federal Register. The amendments will impact how much in funds depository institutions must make available to their customers in certain situations (ranging from the timeliness of the availability of certain deposits to the threshold amount for determining whether accounts have been repeatedly overdrawn).
As previously covered, Regulation CC implements the Expedited Funds Availability Act of 1987 ("EFA Act"). The Dodd-Frank Wall Street Reform and Consumer Protection Act amended the EFA Act to provide that certain dollar amounts be inflation-adjusted every five years by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers.
With the exception of a few amendments, the final rule is effective September 3, 2019. Certain other amendments will go into effect July 1, 2020.
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