Regulatory Alerts2021-06-11 | 2021-11759Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire
The Board of Governors of the Federal Reserve System proposes amendments to Regulation J to establish a new subpart C governing funds transfers through the new FedNow Service. The proposal also updates subpart B to distinguish the Fedwire Funds Service from the new instant payment system and includes technical corrections to subpart A regarding check collection. These changes incorporate UCC Article 4A into the new framework and mandate immediate funds availability for beneficiaries of instant payments.
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