For immediate release

The Federal Reserve Board today announced adoption of a final rule amending Regulation CC, Availability of Funds and Collection of Checks, to clarify the extent to which depository institutions and others may vary the terms of the regulation by agreement for the purpose of instituting electronic return systems. The rule is effective December 15, 1999. The Board requested comments on this rule in February 1999. Rather than adopting any of the options it proposed, the Board has revised the Commentary to Regulation CC to add examples of interbank agreements on electronic presentment and return of checks. This revision will not affect the rights of any parties to the checks under Regulation CC. The Board's notice is attached.

Notice (48 KB PDF)

1999 Banking and consumer regulatory policy