EVENT:
Reg CC (Session Code: 402)
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. The session will also cover the changes to the Federal Reserve Banks' paper check processing infrastructure that will lead to the elimination of nonlocal check holds, which is expected sometime in the 1st quarter 2010. This session will include a thorough discussion on the following:
- Availability schedules for next-day checks and local/nonlocal checks
- Changes to the Fed's infrastructure for handling paper checks that will eliminate nonlocal checks
- Exception (safeguard) holds
- Holds on ATM deposits
- Funds availability disclosure requirements, including changes that are necessary when nonlocal checks are eliminated
- Reg CC amendment on remotely created checks
- Check return rights including an overview of Uniform Commercial Code 3-302 (midnight deadline rule) and Reg CC 229.33 (large item return rules)
Come prepared for this training session by bringing your credit union’s “funds availability disclosure” given to new members, check hold policy and your “notice of check hold” used when a check hold is placed on a deposited check.
Illinois Pricing:
Regular: $ 169.00
Out of State Pricing:
Regular: $
169.00
Contact: Greg Framarin (Illinois Credit Union League)
Phone: 630-983-3420
Fax: 630-983-3212
Email:
greg.framarin@ilcusys.org