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Course description

Regulation CC has been badly out-of-date for over eight years. Yes, it was February 2010 when the Federal Reserve finished consolidating its check processing regions and the “nonlocal check” ceased to exist. Almost all banks have shifted to electronic collection of the checks they process, and to the acceptance of electronic return checks. Yet the regulation hasn’t kept pace with any of these changes! 

Is your bank one of the few hold-outs that still gets paper return checks? The Federal Reserve’s May 2017 amendments to Reg CC may be the incentive you need to take the all-electronic plunge. Its changes to subparts C (Collection of Checks) and D (Substitute Checks) stack the deck against banks that hang on to paper cash letters, and tighten up a bit on deadlines that banks need to meet. The rule also makes some related changes to the definitions in section 229.2. Left untouched (for now) is subpart B, where most of the outdated “local/nonlocal” language and outdated disclosure requirements remain. 


The Fed gave institutions about a year – until July 1, 2018 – to comply with the amended regulation. By then, your institution and any third-party providers involved will have to complete necessary technology, policy and training changes to complete your implementation of the new requirements. Time is getting short.


 In his two-hour presentation, BOL Guru John Burnett won’t waste time with history. The focus will be on the future, as he discusses these topics—

  • Electronic check clearing statistics
  • Electronic check returns statistics
  • Elimination of the "forward collection" test
  • The notice of nonpayment - Timing and trigger
  • Incentives for accepting electronic returns
  • Liability for late returns
  • Same-day settlement rule
  • Electronic checks and returned checks
  • Warranties and the new indemnities
  • Electronically created items
  • Unauthorized electronically created items
  • Remote deposit capture indemnity
  • What remains to be changed, and by whom
  • And more

 WHO SHOULD ATTEND: Operations management and key members of auditing, compliance, deposit operations and IT departments

Instructor(s)

John Burnett

John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking, and is also a graduate of the BAIs and the Massachusetts Banker Associations Schools of Banking.John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company. John joined Glia Group, Inc. and the BankersOnline.com team in June, 2004. He is a frequent presenter of BOL Learning Connect webinars, and at BOL Conferences events.He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and a former member of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force as Regulation DD was being written, and has served on several ABA and Massachusetts Bankers seminar panels.

Course curriculum

  • 1

    Video

    • Regulation CC – July 2018 changes!
  • 2

    Materials

    • Materials

    • Slides

    • Webinar Q & A Document