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

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: 2021-117592021-16826 (extension of comment period)
Date proposed: June 1, 2021
Comments due date: Sept. 9, 2021
Effective date:

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