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

June 10, 2021 Regulation lookup, The Fed 0

Title:	Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire
Subject:	Check collection, FedNow
Agency:	Federal Reserve
Status:	Final rule
Summary:	The Board is publishing final amendments to Regulation J to govern funds transfers through the Federal Reserve Banks’ (Reserve Banks) new FedNow^SM Service. The final rule also includes changes and clarifications to regulations 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 technical corrections to regulations governing the check service.
FR Doc:	2022-11090
Date proposed:	June 1, 2021
Comments due date:	Sept. 9, 2021
Effective date:	Oct. 1, 2022
Rule compliance date:
Agency release:	Federal Reserve Board invites public comment on proposed rule to govern funds transfers over the Federal Reserve Banks’ FedNow Service
Related Reg Report item(s):	Regulatory wheels of change begin to turn as Fed gears up for launch of round-the-clock payments service

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