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Upcoming League Events

 

TeleConference: Reg CC

 

Thursday, March 20, 2014    (90 minutes)

10:00 - 11:30 am CST

 

Speaker: Ken Otsuka, Risk Manager, Credit Union Protection Risk Management Department for CUNA Mutual Group

 

About the Program

Losses from check fraud continue to cause losses in the credit union industry. The most effective loss control against fraudulent deposit losses is the check hold. The changing check fraud environment has forced credit unions to reevaluate their check hold policies. Learn how to use Federal Reserve Regulation CC to protect your credit union from check fraud losses. This session will also address check return rights for items that are returned unpaid to the credit union.

 

This session will include a thorough discussion on the following:

  • Funds availability schedules for next-day checks and local checks
  • Exception (safeguard) holds
  • Holds on ATM deposits
  • Disclosure requirements
  • Remotely created checks
  • Check return rights including an overview of Uniform Commercial Code 3-302 (midnight deadline rule)

 

In addition, this session will cover the Federal Reserve Board's proposed amendments to Reg CC, which were issued in March 2011. The proposed amendments overhaul the regulation to shorten exception holds; shorten holds on deposits to non-proprietary ATMs; promote acceptance of electronic presentment and electronic return of items; eliminate old references to "local" and "nonlocal" checks; and revise disclosures and notices.



Related Files
Printable Brochure (Adobe PDF File)

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