(Page 251) provides one (but not all) return reasons applicable to an Electronic Returned Check. Deleted current Commentary example of image “insufficient quality” return reason. Section XX(E) Added new sentence to Amended Regulation CC now applies to Electronic Returned clarify that Electronic Checks as a matter of law, so it is not necessary to apply Status of Electronic Returned Checks under Regulation CC by agreement of banks within ECCHO Rules. Returned Check ECCHO Rules are also New text in this Section clarifies that an Returned “Electronic Electronic Returned Checks under ECCHO Rules is also subject to Regulation Check” (Page 255) under Regulation CC. CC. Added new sentence to rule Section §229.33(b) of amended Regulation CC states that to reference banks must have an agreement to specify terms for return of banks’ agreement for return of Electronic Returned Checks. New text in Section XX(E) Electronic Returned Checks clarifies that the ECCHO Rules form part of this agreement of under amended Section the banks to receive return of Electronic Returned Checks. 229.33(b) of Regulation CC. Section XX(E) Added new Commentary New Commentary describes how Regulation CC applies as that an Electronic Returned matter of law to Electronic Returned Checks. Commentary Check is subject to Regulation CC as matter of New Commentary explains how ECCHO Rules form part of (Page 256) law. an agreement of banks for the return of an Electronic Returned Check, and that such agreements are required Added new Commentary under amended Regulation CC. that ECCHO Rules form part of an agreement of banks for electronic return of an item as required under amended Regulation CC. Section XX(F)(2) Revised phrase that This reference to was to support the option for return “media” Electronic Returned Check of Electronic Returned Checks using CD Roms or other Return of Electronic be provided on a transmission methods. This is an out dated “shall Returned Checks to be reference in current check image exchange. media” “shall delivered in a manner” (Page 257) [This is not a Regulation CC related change.] agreed to by the banks. Section XX(F)(3) Deleted multiple references This option for return of Electronic Returned “other media” to returning Electronic Checks was an out dated option of using CD Rom to return Returned Check on electronic checks. This option is not used or supported by “other Member Banks, and it is proposed for deletion in the draft media.” Rules.
(Page 251) provides one (but not all) return reasons applicable to an Electronic Returned Check. Deleted current Commentary example of “insufficient image quality” return reason. Section XX(E) Status of Electronic Returned Check (Page 255) Added new sentence to clarify that Electronic Returned Checks under ECCHO Rules are also Electronic Returned Checks under Regulation CC. Added new sentence to rule to reference banks’ agreement for return of Electronic Returned Checks under amended Section 229.33(b) of Regulation CC. Amended Regulation CC now applies to Electronic Returned Checks as a matter of law, so it is not necessary to apply Regulation CC by agreement of banks within ECCHO Rules. New text in this Section clarifies that an “Electronic Returned Check” under ECCHO Rules is also subject to Regulation CC. Section §229.33(b) of amended Regulation CC states that banks must have an agreement to specify terms for return of Electronic Returned Checks. New text in Section XX(E) clarifies that the ECCHO Rules form part of this agreement of the banks to receive return of Electronic Returned Checks. Section XX(E) Commentary (Page 256) Added new Commentary that an Electronic Returned Check is subject to Regulation CC as matter of law. Added new Commentary that ECCHO Rules form part of an agreement of banks for electronic return of an item as required under amended Regulation CC. New Commentary describes how Regulation CC applies as matter of law to Electronic Returned Checks. New Commentary explains how ECCHO Rules form part of an agreement of banks for the return of an Electronic Returned Check, and that such agreements are required under amended Regulation CC. Section XX(F)(2) Return of Electronic Returned Checks (Page 257) Revised phrase that Electronic Returned Check “shall be provided on a media” to “shall be delivered in a manner” agreed to by the banks. This reference to “media” was to support the option for return of Electronic Returned Checks using CD Roms or other transmission methods. This is an out dated reference in current check image exchange. [This is not a Regulation CC related change.] Section XX(F)(3) Deleted multiple references to returning Electronic Returned Check on “other media.” This “other media” option for return of Electronic Returned Checks was an out dated option of using CD Rom to return electronic checks. This option is not used or supported by Member Banks, and it is proposed for deletion in the draft Rules.