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FEDERAL RESERVE SYSTEM

12 CFR Part 210

[Regulation J; Docket No. R-0972]

Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule.

SUMMARY: Effective January 2, 1998, the Reserve Banks will begin to implement a policy under which each depository institution may maintain only a single funds account with the Federal Reserve. A single account will establish a single debtor-creditor relationship between each institution and a Federal Reserve Bank and will make account management more efficient for banks with interstate branches. The Board is adopting amendments to subpart A of Regulation J to conform the Federal Reserve check collection rules to the single account structure.

EFFECTIVE DATE: January 2, 1998.

FOR FURTHER INFORMATION CONTACT: Oliver Ireland, Associate General Counsel, (202/452-3625), Stephanie Martin, Senior Attorney (202/452-3198), or Heatherun Allison, Attorney (202/452-3565), Legal Division. For the hearing impaired only, contact Diane Jenkins, Telecommunications Device for the Deaf (TDD) (202/452-3544), Board of Governors of the Federal Reserve System, 20th and C Streets, N.W., Washington, D.C. 20551.

Summary and final rule (61 KB PDF)

1997 Banking and consumer regulatory policy


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Last update: September 16, 1997, 4:00 PM