The Board of Governors of the Federal Reserve System is seeking public comments on a proposal to update the recordkeeping and disclosure requirements under Regulation CC. The proposal includes extending these requirements for three years and adding new provisions that were previously omitted. Regulation CC outlines how banks should manage and disclose information related to deposits and nonpayment of checks. Comments on the proposal must be submitted by June 30, 2025.
Simple Explanation
The Federal Reserve System wants people to share their thoughts on a plan to change some rules about how banks keep and share information about checks and deposits. They want to keep these rules for three more years and add some new ones, and people can share their thoughts until the end of June 2025.