To All Depository Institutions in the Second Federal Reserve District:
In connection with the new Treasury Investment Program (TIP), which will enhance the Treasury Tax and Loan (TT&L) program, the Federal Reserve has amended its Policy Statement on Payments System Risk by establishing daylight overdraft posting rule changes for TIP transactions.
The Federal Reserve Board's official notices of the daylight overdraft posting changes, as published in the Federal Register issues of May 24 (pdf - 247kb) and July 12 (pdf - 135kb) are available. Please note that, subsequent to July 12, the delayed effective date for the transitional posting procedures (page 33734 of the Federal Register notice) has been set as October 23, 2000, and the final posting procedures (page 33735) are tentatively scheduled to begin on February 8, 2001.
Questions on this matter may be directed, at this Bank, to me.