| 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 |
| Date proposed: | June 1, 2021 |
| Comments due date: | Aug. 10, 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 |
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