For immediate release

The Federal Reserve Board today announced that it has decided not to make regulatory changes with respect to the remaining legal disparities that exist between Federal Reserve Banks and private-sector banks in the presentment and settlement of checks. The Board has concluded that the costs associated with further reducing these legal disparities would outweigh any payments system efficiency gains. The decision is based on the Board's analysis of comments received on the effects of its 1994 same-day settlement rule and on whether further changes in this area are warranted. The Board's notice is attached.

Summary only | Summary and notice of proposed rulemaking; termination (34 KB PDF)

1998 Banking and consumer regulatory policy