Check Rules and Regulations: Understanding UCC 3, 4 and Reg CC (2-Part Series)
Both Parts: Thursday, April 25, 2024
12:00 – 1:00 pm & 2:00 – 3:00 pm (Eastern Time)
Uniform Commercial Code (UCC) sections 3, 4 and Regulation CC play significant parts in your check operations. Scenarios will be used to illustrate key warranties and how breach of warranty situations may be handled.
Bankers need to have a thorough understanding of Uniform Commercial Codes (UCC) 3 and 4, as well as Regulation CC, in order to operate effectively within the banking industry.
- A lack of understanding of UCC 3 could lead to errors in processing transactions, which can result in significant financial losses for banks and their customers.
- Bankers need to be familiar with UCC 4 to ensure that they are compliant with all regulations related to deposit and collection of funds.
- Finally, understanding and complying with Regulation CC is crucial for banks to maintain customer satisfaction and avoid regulatory penalties.
Overall, knowledge of UCC 3 and 4, as well as Regulation CC, is essential for bankers to operate in a safe and effective manner and to maintain the trust of their customers.
Join Wespay, the Regional Payments go-to authority on checks, negotiable items in general and so much more, for this critical 2-part series that will give you and your team everything they need to know for staying compliant with each of these regulations.
In Part One - Uniform Commercial Code of this two-part series, we will review of the check payment system’s regulatory foundation, focusing on UCC.
- Uniform Commercial Code Overview
- UCC 3 - Overview of Negotiable Instruments
- UCC 4 - Bank Deposits and Collections
- UCC Transfer Warranties
- UCC Presentment Warranties
- Statute of Limitations
- UCC 3
- Negotiable Instruments
- Checks and Demand Instruments
- Elements: Payable To, Date, Amount, Payee
- Indorsements
- Negotiation
- Holder in Due Course
- Official Checks, and Stop Payment Liability
- UCC 4
- Final Payment
- Return Items and 'Midnight Deadline'
- Rights to Stop Payment
- Stale-dated items
- Customer Death and Chargebacks
In Part Two - Regulation CC, we will look at the regulatory foundation with a discussion of Regulation CC, part of the Code of Federal Regulations (CFR).
- Subpart A - General
- Definitions
- Electronic Checks
- Subpart B - Funds Availability
- Availability Schedules
- Exceptions to Availability Schedules
- General Disclosure
- Subpart C - Collection of Checks
- Indorsements
- Depository/Paying Banks
- Non Payment
- Electronic Check Warranties
- Remotely Created Checks
- Restrictive Indorsements
- Electronically Created Items
- Subpart D - Check Substitution
- Defined
- Warranties and Indemnities
- Check 21 Compliance and Liabilities
Scenarios will be used to illustrate key warranties and how breach of warranty situations may be handled.
Instructor
Connie LaChance
Wespay / VP – Education and Events
Connie LaChance AAP NCP APRP has been providing payments education and training for WesPay since 2016. Prior to WesPay, Connie has spent nearly twenty years in the credit union industry. For over twelve years, she’s been involved in ACH Operations; eight of those managing ACH operations for the largest credit union in Colorado. Connie has been an Accredited ACH Professional (AAP) since 2011. More recently, Connie has earned the National Check Professional (NCP) certification in 2017 and the Accredited Payments Risk Professional (APRP) accreditation in 2018. In her free time, Connie enjoys spending time outdoors with her husband and two German Shepard puppies.
Attendance verification for CE credits provided upon request.
Webinar Sponsored by BankersHUB
If you are having issues with registering online, please contact CBAO's Education, Training & Special Event Coordinator, Malia Widder, (614) 610-1877.
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