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Thursday, April 28, 2016

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Compliance Corner: Fourth Quarter 2004

Check 21: It's Not Just an Operations Issue Think: Consumer Compliance!

In October 2004, the FFIEC introduced a web-based training tool to provide bankers and examiners with resources to further their understanding of the compliance implications of the Check Clearing for the 21st Century Act (Check 21). This tool is available on the FFIEC website External Link.

The five modules in this tool provide (i) an overview of the Check 21 Act and the final implementing regulation, (ii) a pictorial and narrative discussion of how checks will clear, (iii) a review of consumer compliance issues, (iv) a summary of the procedures that examiners will follow when confirming financial institution compliance with the Act, and (v) a summary of the major elements in the presentation.

To begin the Flash presentations, which require Flash Player 4.0 or higher to view and hear the presentations, just click on the link to the module you wish to review. The modules can be viewed in sequence or in any order. If you do not have Flash Player 4.0 or higher, you can still view a printable script with the color slides by clicking on the Printable Script link.

The site also provides additional reference material, such as links to narrative on Check Clearing for the 21st Century Act: Foundation for Check 21 Compliance Training, a link to the legislation, and a link to the final Regulation CC. Links to the actual examination procedures, frequently asked questions, a glossary, and other information resources are also available. The other information resources include links to the home pages of the five FFIEC regulatory agencies, industry websites that contain useful information on Check 21, printable files for the Check Clearing for the 21st Century Act, the final rule, and various congressional reports.

Questions regarding the content and/or administration of the FFIEC Check 21 Infobase website should be directed to FFIEC staff at:

Telephone: (703)516-5588
Web: External Link

The views expressed in this article are those of the author and are not necessarily those of this Reserve Bank or the Federal Reserve System.