For immediate release

The Federal Reserve Board today requested comment on proposed changes to its Regulation CC, Availability of Funds and Collection of Checks, that would provide more flexibility to depository institutions to experiment with methods to return unpaid checks electronically. Comment is requested by April 30, 1999. The Board seeks to support development of new payment services and to take steps to remove any federal regulatory impediments to innovation in the payments area where appropriate. Therefore, comment is requested on options for amending Regulation CC and/or its Commentary to clarify the permissibility of notices in a check truncation environment instead of the return of the actual check. The Board's notice is attached.

Summary only | Summary and proposed rule (20 KB PDF)

1999 Banking and consumer regulatory policy