The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
Regulation CC - Availability of Funds and Collection of Checks
June 12, 1996
Circular No. 10854
Proposed Amendments to Clarify the Regulation and Reduce Compliance Burden
To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The following statement was issued by the Board of Governors of the Federal Reserve System:
The Federal Reserve Board has requested public comment on clarifying and technical amendments to its Regulation CC (Availability of Funds and Collection of Checks). In some cases, the amendments also reduce the compliance burden for depository institutions.
Comments should be submitted by August 2.
A review of the regulation was made under Section 303 of the Riegle Community Development and Regulatory Improvement Act of 1994 and was designed to improve efficiency, reduce unnecessary costs and remove inconsistencies and outmoded and duplicative requirements.
The text of the Board's proposal, is published in the Federal Register of June 3. Comments thereon should be submitted by August 2, 1996, and may be sent to the Board, as specified in the notice, or to our Compliance Examinations Department.