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The Board of Governors of the Federal Reserve System ("FRB") is seeking comments on a proposed rule change and amendments that will affect the electronic collection of checks and funds.
The proposed amendments to Regulation J will simplify provisions concerning electronic check collection, remove redundant or obsolete terminology and provisions, and accommodate recent changes to Regulation CC concerning electronic check collection and return provisions.
FRB seeks comments addressing (i) the effect of changes to electronically created items ("ECIs") on financial institutions (possibly allowing Reserve Banks to accept ECIs) and (ii) all aspects of the proposed rule change to Regulation J, Subpart B, with regard to checks and other items.
Comments must be received within 60 days of publication of the FRB notice in the Federal Register.
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