Title 12 published on 2014-01-01.
No entries appear in the Federal Register
after this date, for 12 CFR Part 229.
Title 12 published on 2014-01-01
The following are
ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 229 after this date.
2014-02-04; vol. 79 # 23 - Tuesday, February 4, 2014
79 FR 6674 - Availability of Funds and Collection of Checks
GPO FDSys XML | Text
FEDERAL RESERVE SYSTEM
Proposed rule, request for comment.
Comments must be submitted by May 2, 2014.
12 CFR Part 229
On March 25, 2011, the Board published a notice of proposed rulemaking (“2011 proposal”) intended to facilitate the banking industry's ongoing transition to fully electronic interbank check collection and return. Based on its analysis of the comments received in response to the 2011 proposal, the Board is revising its proposed amendments to subparts C and D of Regulation CC and is requesting comment on a revised proposed rule that would, among other things, encourage depositary banks to receive and paying banks to send returned checks electronically. The Board is requesting comment on two alternative frameworks for return requirements. Under Alternative 1, the expeditious-return requirement currently imposed on paying banks and returning banks for returned checks would be eliminated; a paying bank returning a check would be required to provide the depositary bank with a notice of nonpayment of the check—regardless of the amount of the check being returned—only if the paying bank sends the returned check in paper form. Under Alternative 2, the current expeditious-return requirement—using the current two-day test—would be retained for checks being returned to a depositary bank electronically via another bank, but the notice-of-nonpayment requirement would be eliminated. The Board is proposing to retain, without change, the regulation's current same-day settlement rule for paper checks. In addition, the Board is also requesting comment on applying Regulation CC's existing check warranties to checks that are collected electronically and on new warranties and indemnities related to checks collected electronically and to electronically-created items.