Answer:
Answer by Randy Carey:The change to $200 is included in the Frank-Dodd legislation. I would look for the actual amendment to the regulation within the next twelve months or so.
Answer:
Answer by Jim Bedsole: Randy's right, of course. Not only does it change $100 to $200, but it also puts in place a measure for all of the dollar amounts in the Expedited Funds Availability Act to be adjusted every five years based on changes in the Consumer Price Index. Such dollar changes are to be rounded to the nearest $25. The responsibility for rulemaking under the Expedited Funds Availability Act has also been amended to now be joint with the FRB and the new Bureau of Consumer Financial Protection, so as Randy says, the new rules won't go into effect until some time after that agency has been established and organized and begun rulemaking efforts.
[Editor's note: The effective date of the amendment to the Expedited Funds Availability Act is the Transfer Date established by the Secretary of the Treasury. The Secretary announced that the Transfer Date will be July21, 2011. In the Federal Reserve Board's proposal to amend Regulation CC [76 FR 16862, 3/25/11], the Board made it clear that no regulatory change is required in order to implement the change from $100 to $200; banks must comply on or before the July 21, 2011 date. -- John Burnett]
First published on BankersOnline.com 10/11/10; updated 5/10/11
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