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CFR › Title 12 › Chapter II › Subchapter A › Part 210 › Subpart B › Section 210.32

12 CFR 210.32 - Federal Reserve Bank liability; payment of interest.

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§ 210.32
Federal Reserve Bank liability; payment of interest.
(a) Damages. In connection with its handling of a payment order under this subpart, a Federal Reserve Bank shall not be liable to a sender, receiving bank, beneficiary, or other Federal Reserve Bank, governed by this subpart, for any damages other than those payable under Article 4A. A Federal Reserve Bank shall not agree to be liable to a sender, receiving bank, beneficiary, or other Federal Reserve Bank for consequential damages under section 4A-305(d) of Article 4A.
(b) Payment of interest. (1) A Federal Reserve Bank, in its discretion, may satisfy its obligation, or that of another Federal Reserve Bank, to pay compensation in the form of interest under Article 4A by—
(i) Providing an as of adjustment to its sender, its receiving bank, or its beneficiary, as provided in the Federal Reserve Bank's Operating Circular, in an amount equal to the amount on which interest is to be calcuated multiplied by the number of days for which interest is to be calculated; or
(ii) Paying compensation in the form of interest to its sender, its receiving bank, its beneficiary, or another party to the funds transfer that is entitled to such payment, in an amount that is calculated in accordance with section 4A-506 of Article 4A.
(2) If the sender or receiving bank that is the recipient of an as of adjustment or an interest payment is not the party entitled to compensation under Article 4A, the sender or receiving bank shall pass through the benefit of the as of adjustment or interest payment by making an interest payment, as of the day the as of adjustment or interest payment is effected, to the party entitled to compensation. The interest payment that is made to the party entitled to compensation shall not be less than the value of the as of adjustment or interest payment that was provided by the Federal Reserve Bank to the sender or receiving bank. The party entitled to compensation may agree to accept compensation in a form other than a direct interest payment, provided that such an alternative form of compensation is not less than the value of the interest payment that otherwise would be made.
(c) Nonwaiver of right of recovery. Nothing in this subpart or any Operating Circular issued hereunder shall constitute, or be construed as constituting, a waiver by a Federal Reserve Bank of a cause of action for recovery under any applicable law of mistake and restitution.

Title 12 published on 2012-01-01

The following are only the Rules published in the Federal Register after the published date of Title 12.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2012-04-12; vol. 77 # 71 - Thursday, April 12, 2012
    1. 77 FR 21854 - Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire: Elimination of “As-of Adjustments” and Other Clarifications
      GPO FDSys XML | Text
      FEDERAL RESERVE SYSTEM, 12 CFR Part 210
      Final rule.
      This final rule is effective July 12, 2012.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code
USC : Title 12 - BANKS AND BANKING

§ 248 - Enumerated powers

§ 342 - Deposits; exchange and collection; member and nonmember banks or other depository institutions; charges

§ 360 - Receiving checks and drafts on deposit at par; charges for collections, exchange, and clearances

§ 464 - Checking against and withdrawal of reserve balance

§ 4001 - Definitions

§ 4002 - Expedited funds availability schedules

§ 4003 - Safeguard exceptions

§ 4004 - Disclosure of funds availability policies

§ 4005 - Payment of interest

§ 4006 - Miscellaneous provisions

§ 4007 - Effect on State law

§ 4008 - Regulations and reports by Board

§ 4009 - Administrative enforcement

§ 4010 - Civil liability

§ 5001 - Findings; purposes

§ 5002 - Definitions

§ 5003 - General provisions governing substitute checks

§ 5004 - Substitute check warranties

§ 5005 - Indemnity

§ 5006 - Expedited recredit for consumers

§ 5007 - Expedited recredit procedures for banks

§ 5008 - Delays in an emergency

§ 5009 - Measure of damages

§ 5010 - Statute of limitations and notice of claim

§ 5011 - Consumer awareness

§ 5012 - Effect on other law

§ 5013 - Variation by agreement

§ 5014 - Regulations

§ 5015 - Study and report on funds availability

§ 5016 - Statistical reporting of costs and revenues for transporting checks between reserve banks

§ 5017 - Evaluation and report by the Comptroller General

§ 5018 - Depositary services efficiency and cost reduction

Title 12 published on 2012-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 210 after this date.

  • 2012-04-12; vol. 77 # 71 - Thursday, April 12, 2012
    1. 77 FR 21854 - Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire: Elimination of “As-of Adjustments” and Other Clarifications
      GPO FDSys XML | Text
      FEDERAL RESERVE SYSTEM, 12 CFR Part 210
      Final rule.
      This final rule is effective July 12, 2012.