FRB and CFPB Propose Amendments to Rules Implementing the "Expedited Funds Availability Act"

The Federal Reserve Board and Consumer Financial Protection Bureau (collectively, the "agencies") proposed amendments (the "2018 proposal") to Regulation CC, which implements the Expedited Funds Availability Act ("EFA Act"). The agencies also reopened the comment period on proposed amendments to the funds availability provisions of Regulation CC and related definitions and appendices (the "2011 proposal").

In the 2018 proposal, the agencies proposed a calculation methodology for implementing a statutory requirement to adjust the dollar amounts in the EFA Act every five years.

Comments on the 2018 proposal and the 2011 proposal must be submitted before February 8, 2019.