For immediate release

The Federal Reserve Board today issued proposed amendments to Regulation J to help ease the transition to interstate branching in the check collection area. Comment should be received by July 21. Comment has already been requested on regulatory proposals to define the location of a depository institution for purposes of maintaining a single reserve account for a multi-district institution and for Federal Reserve membership. Under the proposed amendments, an institution could send checks to any Reserve Bank for collection, but all of its check collection transactions through the Federal Reserve would be reflected in a single account held at its "Administrative Reserve Bank" no matter where the institution has its branches. A copy of the proposed rule is attached.

Summary only | Summary and proposed rule (61 KB PDF)

1997 Banking and consumer regulatory policy