|Title:||Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire|
|Subject:||Check collection, FedNow|
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.
|Date proposed:||June 1, 2021|
|Comments due date:||Aug. 10, 2021|
|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|