The Federal Reserve Board ("FRB") approved final amendments to simplify the electronic collection of checks and funds.
The final amendments make changes to Regulation J, which will (i) simplify provisions concerning electronic check collection, (ii) remove redundant or obsolete terminology and provisions, and (iii) accommodate recent changes to Regulation CC concerning electronic check collection and return provisions. The final amendments also amend Regulation J, Subpart B to "clarify that terms utilized in financial messaging standards do not signify legal status or responsibilities."
The FRB adopted the amendments as proposed (see previous coverage). The final amendments are effective on January 1, 2019.
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