No, the amendments to Regulation CC taking effect July 1, 2018, do not require any new customer disclosures. The amendments primarily address check collection and returns — they do not change the provisions regarding funds availability or the funds availability disclosures.

However, the amendments establish new definitions, warranties, and indemnities that your bank may wish to incorporate into your customer disclosures, even though this is not required. For example, the final rule creates new definitions for “electronic check,” “electronic returned check,” and “electronically created item.” The rule also creates new warranties and indemnities for these newly-defined types of checks, as well as for remotely deposited checks.

Additionally, the amendments add to the list of incidents that require notice to a customer. Currently, a bank must notify a customer when it receives a returned check or notice of nonpayment related to a check deposit. These amendments add that a bank also must notify its customer when it receives a notice of recovery related to a returned check.

For resources related to our guidance, please see:

• Regulation CC Final Rule, 82 Fed. Reg. 27552 (Effective July 1, 2018)

• Regulation CC, 12 CFR 229.33(h) (Effective July 1, 2018) (“If the depositary bank receives a returned check, notice of nonpayment, or notice of recovery under § 229.35(b), it shall send or give notice to its customer of the facts by midnight of the banking day following the banking day on which it received the returned check, notice of nonpayment, or notice of recovery, or within a longer reasonable time.”)

• Regulation CC, 12 CFR 229.2(ggg) (Effective July 1, 2018) (“Electronic check and electronic returned check mean an electronic image of, and electronic information derived from, a paper check or paper returned check, respectively, that — (1) Is sent to a receiving bank pursuant to an agreement between the sender and the receiving bank; and (2) Conforms with ANS X9.100-187, unless the Board by rule or order determines that a different standard applies or the parties otherwise agree.”)

• Regulation CC, 12 CFR 229.2(hhh) (Effective July 1, 2018) (“Electronically-created item means an electronic image that has all the attributes of an electronic check or electronic returned check but was created electronically and not derived from a paper check.”)

• Regulation CC, 12 CFR 229.34(a) (Effective July 1, 2018) (“Warranties with respect to electronic checks and electronic returned checks.”)

• Regulation CC, 12 CFR 229.34(b) (Effective July 1, 2018) (“Transfer and presentment warranties with respect to a remotely created check.”)

• Regulation CC, 12 CFR 229.34(f) (Effective July 1, 2018) (“Remote deposit capture indemnity.”)

• Regulation CC, 12 CFR 229.34(g) (Effective July 1, 2018) (“Indemnities with respect to electronically-created items.”)

• Regulation CC, 12 CFR 229.34(h) (Effective July 1, 2018) (“Damages.”)

• Regulation CC, 12 CFR 229.34(i) (Effective July 1, 2018) (“Indemnity amounts.”)