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FRB: Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire

ABA Contact: Nessa Feddis
Published: June 18, 2004 Federal Register
Published: October 22, 2004 Federal Reserve
Comments Due: July 26, 2004
Disposition: Filed July 23, 2004

Summary

The Federal Reserve Board is proposing amendment to subpart A of Regulation J to provide for the rights and obligations of sending banks, paying banks, returning banks, and Reserve Banks in connection with collection of substitute checks and items that have been converted to electronic form.  The proposed changes would ensure that Regulation J covers the new check processing service options that the Reserve Banks plan to offer when the Check Clearing of the 21st Century Act becomes effective on October 28, 2004.


2004 Regulations Chart 
Federal Register
Comment Letter

Questions? Please contact Nessa Feddis for more information.