• Regulation CC: A Review of Check Collection Procedures
  • January 26, 2010 | Author: Nicholas V. Albu
  • Law Firm: Woods Rogers PLC - Roanoke Office
  • On February 27, 2010, the Federal Reserve will continue internal restructuring by transferring check-processing operations of the head office of the Federal Reserve Bank of Atlanta to the Federal Reserve Bank of Cleveland. The ultimate goal is a single check-processing region for purposes of the Availability of Funds and Collection of Checks (“Regulation CC”), where the distinction between local and non-local checks will no longer exist. Accordingly, the Federal Reserve will treat non-local checks as local and subject to faster availability schedules.