Employee Training
The Expedited Funds Availability Act and Regulation CC both contain provisions requiring institutions to educate their employees as to the requirements of the funds availability rules. The statutory provision seems to require a little more than the Regulation CC provision and, because of this ambiguity, we thought it best to quote both provisions in this manual so you could decide for yourself what you are required to do. First, the statutory provision:
Employee training on and compliance with the requirements of this title.
- Take such actions as may be necessary fully to inform each employee (who performs duties subject to the requirements of this chapter [41, Expedited Funds Availability]) of the requirements of this section; and
- Establish and maintain procedures reasonably designed to assure and monitor employee compliance with such requirements.
[12 USC 4006(e)]
- Employee training and compliance. Each bank shall establish procedures to ensure that the bank complies with the requirements of this subpart, and shall provide each employee who performs duties subject to the requirements of this subpart with a statement of the procedures applicable to that employee.
[12 CFR 229.19(f)]
The statute seems to require that you educate employees as to the requirements of the law and Regulation, while the Regulation only seems to require that you educate employees as to the particular procedures applicable to them. To be safe, you should probably include within a training program some overall information about the statute and the Regulation, in addition to the specific procedures affecting a particular employee. Doing so will not only guarantee compliance with this requirement, but may also help employees to better understand their particular responsibilities, since they will know the context in which those responsibilities arise.