On March 24, 2014 the Office of Federal Contract Compliance Programs ‘OFCCP’ updated several regulations relative to protected veterans and individuals with disabilities which are having effect on FDIC insured Bank’s with 50 or more employees, regardless of employment status.

On March 24, 2014 the ‘OFCCP’ made effective numerous regulations relative to protected veterans and individuals with disabilities which are having effect on FDIC insured Bank’s with 50 or more employees, regardless of employment status. The ‘OFCCP’ has established rules which require specific clauses to be included in any new or renewal federal government contract with an effective date of March 24, 2014 or later.

The competitiveness of the community banking industry is at a critical point to where customer service in banks is becoming a driving factor in where people choose to bank. A major reason customer service is a heightened consideration for where customers choose to bank is due to the low rates for deposit products offered in banks, to where a customer can attain almost the same rate for similar products at any bank.

Technology has played an integral part in many facets of the world, so why should the banking industry be any different? Regulation CC, which is composed of the Expedited Funds Availability Act (EFA Act) and the Check Clearing for the 21st Century Act (Check 21), were enacted to provide guidance in the enhancement of the check collection and return process. In recent years, Regulation CC went through drastic changes, most recently being the consolidation of the Federal Reserve’s Check Processing regions in an effort to move one step closer to an entirely electronic interbank check collection and return system.