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within Intellectual Property, Government, Public Sector, Food, Drugs, Healthcare and Life Sciences topic(s)
in Asia
with readers working within the Consumer Industries industries
The Federal Reserve Board ("FRB") final rule to
simplify the electronic collection of checks and funds was published in the Federal Register. The final
rule is effective on January 1, 2019.
As
previously covered, the final rule makes 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 rule also amends
Regulation J, Subpart B to "clarify that terms utilized in
financial messaging standards . . . do not confer legal status or
responsibilities."
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
