On May 20, 2024, Fed and CFPB published inflation adjustment in the federal register.
On May 13, Fed and CFPB issued final rule to amend Regulation CC.
Fed and CFPB adjusted for inflation dollar amounts re availability of customer funds.
Follows rule that set methodology for inflation adjustments every 5 years, #49677.
Regulation CC Inflation-Adjustments
Implements Expedited funds availability act (EFA Act), to adjust for inflation amounts.
Changes to 12 CFR 229 include minimum amount of deposited funds banks must make available for withdrawal by opening of business on next day for certain check deposits.
Also, funds deposited by certain checks in new account subject to next-day availability.
Agencies required to adjust dollar thresholds every 5 years by annual percentage increase in Consumer Price Index for Urban Wage Earners, Clerical Workers (CPI-W).
Inflation measurement period for adjustment began in Jul. 2018, ended in Jul. 2023.
Effectiveness
The compliance date for the new amounts is Jul. 1, 2025.
May 2024 Fed Reg Final Rule
On May 20, 2024, Fed and CFPB published inflation adjustment in the federal register.
