Title: | Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire |
Subject: | Check collection, FedNow |
Agency: | Federal Reserve |
Status: |
Proposed rule
|
Summary: |
The Board is proposing amendments to Regulation J to govern funds transfers through the Federal Reserve Banks’ (Reserve Banks) new FedNowSM 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. |
FR Doc: | 2021-11759; 2021-16826 (extension of comment period) |
Date proposed: | June 1, 2021 |
Comments due date: | Sept. 9, 2021 |
Effective date: |
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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 |