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Course description

When much of Regulation CC was written, depositary banks, clearing banks, paying banks and returning banks were still working with paper checks. Today, decades later, very few checks are sent to, or returned by, paying banks in paper form – almost all of that work is done electronically, using images of original checks.

The old Reg CC rules on check collection and return were changed to deal with that new reality when Subpart C of the regulation was heavily modified in 2018. Those amendments were also designed to make it more attractive for any “hold-outs” to move away from paper items to embrace electronic presentment and returns. One of the changes requires that a depositary bank must ace[t returned checks electronically, or it won’t be able to assert a claim under Reg CC that a paying bank failed to return a check in an expedition manner.

This 90-minute webinar will focus on the aspects of Subpart C of the regulation affecting check collection and returns, and the warranty and indemnity provisions involved.

 

WHO SHOULD ATTEND:

Deposit operations, auditors and compliance officers

Instructor(s)

John Burnett

John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking, and is also a graduate of the BAIs and the Massachusetts Banker Associations Schools of Banking.John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company. John joined Glia Group, Inc. and the BankersOnline.com team in June, 2004. He is a frequent presenter of BOL Learning Connect webinars, and at BOL Conferences events.He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and a former member of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force as Regulation DD was being written, and has served on several ABA and Massachusetts Bankers seminar panels.

Course curriculum

  • 1

    Webinar

    • Access Webinar
  • 2

    Materials

    • Slides

    • Materials

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