For immediate release

The Federal Reserve Board today announced amendments to Regulation J to help ease the transition to interstate branching in the check collection area. The amendments are effective January 2, 1998. Beginning January 2, 1998, the Federal Reserve Banks will implement a new account structure under which each depository institution will have a single Federal Reserve account relationship. The Regulation J amendments will allow an institution to send checks to any Reserve Bank for collection, but all of its check collection transactions through the Federal Reserve will be reflected in a single account held at its "Administrative Reserve Bank" no matter where the institution has its branches. The Board's notice is attached.

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

1997 Banking and consumer regulatory policy