About the 2017.1 Updates
This package contains materials required to update your Wolters Kluwer Deposit Account Manual (Laws & Regulations Affecting Deposit Accounts).
Wolters Kluwer is committed to keeping you informed on all of the latest regulatory changes. Wolters Kluwer will continue to distribute one update each year, usually in November or December.
In this release we have updated three chapters, as discussed below
General Review
This year, we have revised the Manual to address two significant regulatory developments. First, the Federal Reserve Board revised Regulation CC - primarily subpart C and D, along with some definitions. These changes address the check and electronic item collection process. These changes affect the chapter titled The Check Return and Indorsement Standards of Regulation CC. Also, the Consumer Financial Protection Board revised Regulation E to address prepaid accounts. These changes affect the chapters titled The Electronic Funds Transfers Act and Regulation E: Responsibilities at Account Opening, and The Electronic Funds Transfers Act and Regulation E: Responsibilities After Account Opening. These changes are described in greater detail below.
The Check Return and Indorsement Standards of Regulation CC
On May 31, 2017, the Federal Reserve Board announced final amendments to the check collection and return provisions in Regulation CC. The amendments become effective July 1, 2018. We addressed the new rules by adding an explanation of the changes in a new subsection of the chapter, beginning on page 3. The new rules: (1) revise the two-day test under the expedited return rules and eliminating the forward collection test, (2) revise the timing and scope of the rules requiring Notice of Nonpayment in certain circumstances, (3) define and establish warranties regarding electronic check, electronic returned check and electronically created items, and (4) revise the check indorsement standards.
The Electronic Fund Transfer Act and Regulation E: Responsibilities at Account Opening
We addressed new definitions and changes to the initial disclosures and the pre-acquisition disclosures (the short form, other information in close proximity to the short form disclosure, and the long form disclosure).
We explained Error Resolution and Limitation of Liability for prepaid accounts, and Periodic Statements and Alternatives for prepaid accounts.