Wolters Kluwer Financial Services plans to help financial institutions address the Federal Reserve Board’s revisions to regulation CC that will take effect in early 2010. In mid-October, the Federal Reserve Board confirmed its plans to consolidate its paper check processing facilities into one location in Cleveland in early 2010.
As a result, there will no longer be non local checks and funds from those checks must be made available to customers no later than within two business days after deposit.
Wolters Kluwer said that its regulatory experts will offer institutions additional insight into these regulation CC changes as part of the company’s fee-based, live Webinar, “The Move to One Paper Check-Processing Region: A Reg CC Refresher.”
The company said that it can also make the process of revising funds availability disclosures easier through several solutions designed to help institutions rapidly meet the new regulation CC requirements. These include standard, up-to-date initial funds availability disclosures, as well as change notices that generally must be sent to account owners within 30 days after any policy revisions take effect.
Wolters Kluwer claimed that its professionals are trained to help institutions review federal funds availability disclosures to help them expedite the internal review process. In addition, she said Wolters Kluwer Financial Services’ experts can also help institutions comply with any one of the numerous bank regulatory changes on the horizon, including revisions to the real estate settlement procedures act, regulation Z, regulation GG and more.
Lisa Fraga, vice president and general manager of banking content at Wolters Kluwer Financial Services, said: “The Regulation CC changes will have a significant operational impact on nearly every depository institution. Our team of compliance experts can use their knowledge and experience to help institutions understand and address the impact of this regulatory event quickly and easily.”
