The Consumer Financial Protection Bureau (CFPB) and the
Federal Reserve jointly released new dollar amount thresholds related to customer
fund availability requirements, adjusted for inflation.
Regulation CC requires financial institutions to provide
disclosures to customers who have a transaction account stating when their
funds will be available for withdrawal.
Many institutions use the model disclosure statements
included in Regulation CC.
The recently announced changes under Regulation CC pertain
to the minimum amount of deposited funds banks must make available for
withdrawal by opening of business on the next day for certain check deposits.
It also relates to the amount of funds deposited by certain checks in a new
account to be subject to next-day availability.
By law, the CFPB and the Fed have an obligation to adjust
these dollar thresholds every five years by the annual percentage increase in
the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
As a result of the 21.8 percent increase in the CPI-W during
the inflation measurement period, between July 2018 and July 2023:
·
Section Minimum Amount, 12 CFR 229.10(c)(1)(vii):
$275
·
Threshold Cash Withdrawal Amount, 12 CFR
229.12(d): $550
·
New-Account Amount, 12 CFR 229.13(a)(1)(ii):
$6,725
·
Large-Deposit Threshold, 12 CFR 229.13(b): $6,725
·
Repeatedly Overdrawn Threshold, 12 CFR
229.13(d)(2): $6,725
·
Civil Liability Minimum and Maximum for
Individual Action, 12 CFR 229.21(a)(2)(i): $1,350
·
Civil Liability Maximum for Class Action, 12 CFR
229.21(a)(2)(ii)(B): $672,950
To help ensure that depository institutions have sufficient
time to implement the adjustments, the compliance date for the new amounts is
July 1, 2025.