| June 12, 1996
|Circular No. 10854|
Proposed Amendments to Clarify the Regulation
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.
William J. McDonough