To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The following is from a statement by the Board of Governors of the Federal Reserve System:
The Federal Reserve Board has 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 [see our Circular No. 11140]. 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 rule, as published in the Federal Register of November 3, is available as a file (pdf - 56kb). Questions on this matter may be directed, at this Bank's East Rutherford Operations Center, to Thomas P. Connolly, Regional Check Manager.