EVENT: Reg CC (Session Code: 444)
Losses from check fraud continue to cause losses in the credit union industry. The most effective loss control against fraudulent deposit losses is the check hold. The changing check fraud environment has forced credit unions to reevaluate their check hold policies. Learn how to use Federal Reserve Regulation CC to protect your credit union from check fraud losses. This session will also address check return rights for items that are returned unpaid to the credit union.
This session will include a thorough discussion on the following:
Funds availability schedules for next-day checks and local checks
Exception (safeguard) holds
Holds on ATM deposits
Disclosure requirements
Remotely created checks
Check return rights including an overview of Uniform Commercial Code 3-302 (midnight deadline rule)
The session will also cover the Federal Reserve Board's proposed amendments to Reg CC, which were issued in March 2011. The proposed amendments overhaul the regulation to shorten exception holds; shorten holds on deposits to nonproprietary ATMs; promote acceptance of electronic presentment and electronic return of items; eliminate old references to "local" and "nonlocal" checks; and revise disclosures and notices.


Illinois Pricing:
Affiliate: $ 169.00
Non-Affiliate: $338.00

Out of State Pricing:
Regular: $ 175.00

Contact: Cheryl Washington (Illinois Credit Union League)
Phone: 630-983-3417
Fax: 630-983-3212
Email: cheryl.washington@ilcusys.org


Speaker: Ken Otsuka
Speaker Bio:
Ken Otsuka is a Risk Manager in the Credit Union Protection Risk Management Department for CUNA Mutual Group. In this role, Ken assists credit unions in identifying areas of risk in their operations and recommends best practices to reduce loss exposure. He also provides training for credit union employees. He is based in Chicago, Illinois. Ken joined Risk Management in 1990 after spending eight years as an auditor at another insurance company.

Location(s):

Location 1:
Telephone - March 20, 2014: 10:00 am CT
Duration: 12:00 pm CT

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