Impact of EGRRCPA amendments on Pacific Islands banks.

Answered by:

Question:

Will my bank be affected by the change involving U.S. Pacific Island banks?

Answer:

Most banks won’t be affected. The coverage of Regulation will be extended to American Samoa, the Commonwealth of the Northern Marianas Islands, and Guam, and banks there will be impacted. Coverage of the Expedited Funds Availability Act was extended to those banks by EGRRCPA in 2018. The regulation is simply being updated to reflect the EFA changes. Banks in those territories would be able to avail themselves of the one-day extension of the availability schedules permitted by the EFA Act and § 229.12(e) of Regulation CC.
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Learn more about John Burnett’s webinar Reg CC Amendments—a Briefing