The Federal Reserve and Consumer Financial Protection Bureau (CFPB) in late June finalized amendments to Regulation CC to implement a statutory adjustment to adjust the dollar amounts under the Expedited Funds Availability (EFA) Act for inflation. The final rule is effective July 1, 2020.
The dollar amounts will be adjusted every five years beginning July 1, 2020. The next adjustment of the dollar amounts will occur On July 1, 2025 and on July 1 of every fifth year after 2025.
The adjustments to the thresholds (located in subpart B of Regulation CC) include:
The civil liability amounts for failing to comply with the EFA Act’s requirements will be set at not less than $100 (same as the current amount) to no more than $1,100 (up from $1,000) for an individual action and no more than $552,500 (up from $500,000), or 1% of the net worth of the depository instruction, in a class action.
The agencies also amended Regulation CC to incorporate the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) amendments to the EFA Act, which include extending coverage to American Samoa, the Commonwealth of the Northern Mariana Islands, and Guam and certain other technical amendments.