REGULATION CC FOR THE FRONTLINE

1 1/2 HOURS

OVERVIEW:

Regulation CC is the regulation governing the availability of funds for transaction accounts and the holds which credit unions can place on checks.  This regulation was passed in 1988 and continues to be one of the toughest compliance problems in financial institutions around the country.  Questions like can we place a hold on a cashiers check?  How many days can we hold checks on a new account?  Does this apply to business accounts?  Do we have to give the hold while the member is there or can we mail it later?  These questions will all be addressed in this informative and easy to follow program for the frontline.  You will need a copy of your hold form and Regulation CC disclosure to follow this frontline program.

WHAT YOU WILL LEARN:

• Purpose of the regulation
• What is a transaction account?
• Local versus nonlocal checks
• Business versus banking days
• How to count days
• Next day items versus local and nonlocal checks
• Case by Case holds
• Exception Holds
• Hold Notices and how to complete
• New Accounts exceptions
• Common errors on holds

WHO SHOULD ATTEND:

All tellers, teller managers, cashiers, member service representatives, back of credit union operations, branch managers and compliance officers