Description:
This webinar is available as part of our Deposit Compliance Series (3-Part Series).
Reg CC can be a confusing mess for even the most seasoned compliance professionals.
At one time, financial institutions held newly deposited funds for as long as they liked, to ensure they received the money before releasing it to the depositor. In theory, that was great, but abuses prevailed. Customers didn’t know when their money was actually theirs to use, and Congress stepped in.
When that happened back in 1987, checks were still physically transported from one processing region to another, so a whole schedule was needed to establish reasonable collection times. Fast forward a few decades, and everything is different. The days of “non-local checks” are long gone, and deposits can now be processed in seconds, not days. Not only that, but funds can be deposited every which way. Who would have ever thought we’d be taking pictures of a check with a phone, or zapping funds with “an app for that”! Not Congress in 1987, that’s for sure.
Change is good, and Reg CC has (kind of) attempted to keep up, although it hasn’t been cleaned up along the way. Nope. Old, outdated and irrelevant content is still there, mucking up the works and making things confusing. You need to know what can be ignored, and what demands crystal-clear understanding.
Reg CC will drive you crazy if you don’t get a handle on it. You will get holds wrong, consumer harm will result, examiners will criticize, and your boss will become cross. You will mishandle mobile deposits and make them available more quickly than you need to, opening your institution up to unnecessary risk.
Become the noble hero of your institution, by procuring a good understanding of:
- Subpart A:
- Definitions of everything you need to know– from (a) to (hhh)!
- Subpart B:
- Next-day availability
- Availability schedule (what is left of it)
- Case-by-case holds
- Exception holds
- New Account holds
- Disclosure requirements: what, when, where, and how
- Subpart C:
- Collection of checks
- Electronic checks
- Mobile deposits!
- Responsibilities of paying and returning banks
- Subpart D:
- Substitute Checks
- Disclosure requirements under Check 21
- Appendices:
- What is garbage and what matters
Reminder: Your registration includes a playback of the session, which is available after the session concludes.
This session is eligible for Continuing Education (CE) credits by the American Bankers Association.
Presenters:
Rebekah Leonard, CRCM
Rebekah is the owner of Elucidate LLC, a compliance training and consulting company. Elucidate means to “make clear, explain, throw light upon”, and describes Rebekah’s desire to illuminate the complexities of compliance with passion and fun. She’s created and produced a TRID music video parody and several Compliance Breakout escape rooms, which she frequently provides at state banking compliance conferences. She is an accomplished speaker and regularly provides webinars through BOL and Compliance Resource. Rebekah is currently serving as the VP Director of Compliance for a $6 Billion community bank in Montana. She began her career in 1995 at a private lending company, but soon settled into banking, where she’s covered nearly all of it – customer service and teller work, loan processing and review, and security and business continuity. She now oversees CRA, BSA and all aspects of compliance as a senior leader. She has successfully navigated numerous FDIC Compliance, CRA, and BSA Exams. Rebekah has a bachelor’s degree in Organizational Leadership from Chapman University (Magna cum Laude), attended the American Bankers Association National Compliance School in 2003, and has held her Certified Regulatory Compliance Manager designation since 2006. She is a BOL Compliance Guru.
July 17, 2025