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 FedNowSM 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