Regulatory Alerts2026-04-10 | 2026-06996Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through the Fedwire Funds Service and the FedNow Service; Regulation J
The Board of Governors of the Federal Reserve System proposes amendments to Regulation J to permit FedNow participants to use non-Reserve Bank intermediaries for funds transfers. This change aligns the FedNow Service with the Fedwire Funds Service, enabling participants to leverage intermediaries like correspondent banks for the international portion of cross-border transactions. The proposal maintains immediate funds-availability requirements for domestic beneficiary banks while clarifying reliance on routing numbers for intermediary identification.
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