Fed Publishes Check 21 Regulatory Amendments
The Federal Reserve has published final amendments to Regulation CC and its commentary as part of the implementation of Check 21.
The Board's amendments: (1) set forth the requirements of the Check 21 Act that apply to banks; (2) provide a model disclosure and model notices relating to substitute checks; and (3) set forth bank indorsement and identification requirements for substitute checks. The amendments also clarify some existing provisions of the rule and commentary.
The Board's Federal Register notice is available online.
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