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FRS | RIN: 7100-AE98 | Publication ID: Fall 2018 |
Title: ●Regulation J--Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire. (Docket No: R-1599) | |
Abstract:
The Board of Governors of the Federal Reserve System (Board) is publishing for comment proposed amendments to Regulation J. The proposed amendments are intended to clarify and simplify certain provisions of subpart A of Regulation J, remove obsolete provisions, and align the rights and obligations of sending banks, paying banks, and Federal Reserve Banks (Reserve Banks) with the Board's recent amendments to Regulation CC, Availability of Funds and Collection of Checks, to reflect the virtually all-electronic check collection and return environment. The proposed rule would also amend subpart B of Regulation J to clarify that terms used in financial messaging standards, such as ISO 2022, do not confer legal status of responsibilities. |
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Agency: Federal Reserve System(FRS) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Independent agency | |
CFR Citation: 12 CFR 210.2(i) | |
Legal Authority: 12 U.S.C. 4001 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Clinton Chen Senior Attorney Federal Reserve System Legal Division, Washington, DC 20551 Phone:202 452-3952 Stephanie Martin Associate General Counsel Federal Reserve System Legal Division, Washington, DC 20551 Phone:202 452-3198 |