Unless otherwise specified, the term “bank” includes all of a bank’s offices in the United States, but not offices located outside the United States. The term “bank” also includes any person engaged in the business of banking, as well as a Federal Reserve Bank, a Federal Home Loan Bank, and a state or unit of general local government to the extent that the state or unit of general local government acts as a paying bank. The implementing regulation defines bank to mean an insured bank, a mutual savings bank, a savings bank, an insured credit union, a savings association, an agency or a branch of a foreign bank, and members of a Federal Home Loan Bank. How is “bank” defined with respect to the Check 21 Act? General | Warranties and Indemnities | Expedited RecreditĬonsumer Awareness | Other Issues Generalġ. Check Clearing for the 21st Century Act: Foundation for Check 21 Compliance Trainingįrequently Asked Questions Consumer Compliance FAQ for Check Clearing for the 21st Century Act (Check 21) and the Implementing Regulation (12 CFR 229).Consumer Compliance Issues (10 minutes).Check Clearing Under Check 21 (3 minutes).Overview of the Act and Final Regulation.
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