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FRS | RIN: 7100-AE06 | Publication ID: Spring 2015 |
Title: Regulation J--Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfer through Fedwire (Docket No: R-1473) | |
Abstract:
The Board of Governors of the Federal Reserve System (the Board) adopted amendments to subpart A of its Regulation J, Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire, to permit the Federal Reserve Banks (Reserve Banks) to require paying banks that receive presentment of checks from the Reserve Banks to make the proceeds of settlement for those checks available to the Reserve Banks as soon as one half-hour after receipt of the checks. The amendments will also permit the Reserve Banks to obtain settlement from paying banks by as early as 8:30 a.m. eastern time for checks that the Reserve Banks present. These amendments to Regulation J are consistent with the revised method for posting debits and credits to banks' Federal Reserve accounts to measure daylight overdrafts under amendments to the Federal Reserve Policy on Payment System Risk (PSR policy) that the Board concurrently adopted. The Board also adopted a technical amendment to the definition of "Administrative Reserve Bank.” |
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Agency: Federal Reserve System(FRS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 210 | |
Legal Authority: 12 U.S.C. 248(i)(j) 12 U.S.C. 342 12 U.S.C. 464 12 U.S.C. 360 ... |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Susan Foley Senior Associate Director Federal Reserve System Reserve Bank Operations and Payments System Division, Phone:202 452-3596 Samantha Pelosi Manager Federal Reserve System Division of Reserve Bank Operations and Payment Systems, Phone:202 530-6292 |