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FRS RIN: 7100-AG16 Publication ID: Spring 2022 
Title: Regulation J--Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire (Docket No: R-1750) 

The Board of Governors of the Federal Reserve System (Board) is proposing amendments to Regulation J to govern funds transfers through the Federal Reserve Banks’ (Reserve Banks) new FedNow SM Service by establishing a new subpart C. The Board is also proposing changes and clarifications to subpart B, governing the Fedwire Funds Service, to reflect the fact that the Reserve Banks will be operating a second funds transfer service in addition to the Fedwire Funds Service, as well as proposing technical corrections to subpart A, governing the check service.

On August 6, 2021, the Board extended the comment period to September 9, 2021.

Agency: Federal Reserve System(FRS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 210   
Legal Authority: 12 U.S.C. 248(i)    12 U.S.C. 248(j)    12 U.S.C. 248(o)    12 U.S.C. 342    ...   
Legal Deadline:  None
Action Date FR Cite
Board Requested Comment  06/11/2021  86 FR 31376   
Board Extended Comment Period  08/06/2021  86 FR 43143   
Board Expects Further Action  07/00/2022 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Gavin Smith
Senior Counsel
Federal Reserve System
Legal Division,
Washington, DC 20551
Phone:202 452-3474

Jess Cheng
Senior Counsel
Federal Reserve System
Legal Division,
Washington, DC 20551
Phone:202 452-2309