ARTICLE
9 March 2018

FRB Requests Comments On Proposal Concerning Electronic Check And Fund Collection

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Cadwalader, Wickersham & Taft LLP

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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.
United States Finance and Banking

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.

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.

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