FRB News: Federal Reserve Board approves final amendments to simplify Regulation J and to make it conform more closely with Regulation CC

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WASHINGTON – The Federal Reserve Board on Thursday approved final amendments to simplify Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire) and to make it conform more closely with Regulation CC (Availability of Funds and Collection of Checks).

The amendments align the rights and obligations of parties, including the Federal Reserve Banks, with the Board’s 2017 amendments to Regulation CC, which reflected the evolution of the nation’s check collection system from one that is largely paper-based to one that is virtually all electronic. 

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