Image quality warranty and no double debit warranty.These new warranty and indemnity rights, liabilities, and obligations could amplify the operational risks a bank faces, particularly those associated with RDC service, as detailed below. However, under Regulation CC § 229.30, as amended, both electronic checks and electronic returned checks are subject to subpart C, except where “paper check” or “paper returned check” is specified.
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Generally, Regulation CC, subpart C, presently presumes the forward collection and return of paper checks. Presently, Regulation CC, subpart C, applies only to paper checks. An “electronic check” and an “electronic returned check” mean an electronic image of, and electronic information derived from, a paper check or a paper returned check. The new indemnities and warranties are based in part on new definitions of “electronic check” and “electronic returned check” in Regulation CC § 229.2(ggg) for purposes of Regulation CC, subpart C, dealing with the forward collection and return of checks as both paper and electronic checks and electronic returned checks. Effective July 1, 2018, recent changes to Regulation CC provide new warranty and indemnity rights, liabilities, and obligations potentially impacting a bank, particularly a bank providing a remote deposit capture (RDC) service, including a mobile RDC service, in its role as a depository bank.
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New warranty and indemnity rights, liabilities, and obligations under recent changes to Regulation CC could amplify the operational risks a bank faces.