Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire (Regulation J), Extension of Comment Period
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Abstract
On June 11, 2021, the Board of Governors of the Federal Reserve System (Board) published in the Federal Register a proposal to amend Regulation J to govern funds transfers through the Federal Reserve Banks' (Reserve Banks) new FedNow\SM\ Service by establishing a new subpart C. The Board also proposed changes and clarifications to subpart B, governing the Fedwire Funds Service, to reflect the fact that the Reserve Banks will be operating a second funds transfer service in addition to the Fedwire Funds Service, as well as technical corrections to subpart A, governing the check service. The proposal provided for a comment period ending on August 10, 2021. The Board is extending the comment period for 30 days, until September 9, 2021.
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<title>Federal Register, Volume 86 Issue 149 (Friday, August 6, 2021)</title>
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[Federal Register Volume 86, Number 149 (Friday, August 6, 2021)]
[Proposed Rules]
[Pages 43143-43144]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-16826]
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FEDERAL RESERVE SYSTEM
12 CFR Part 210
[Regulation J; Docket No. R-1750]
RIN 7100-AG16
Collection of Checks and Other Items by Federal Reserve Banks and
Funds Transfers Through Fedwire (Regulation J), Extension of Comment
Period
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice of proposed rulemaking; extension of comment period.
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SUMMARY: On June 11, 2021, the Board of Governors of the Federal
Reserve System (Board) published in the Federal Register a proposal to
amend Regulation J to govern funds transfers through the Federal
Reserve Banks' (Reserve Banks) new FedNow\SM\ Service by establishing a
new subpart C. The Board also proposed changes and clarifications to
subpart B, governing the Fedwire Funds Service, to reflect the fact
that the Reserve Banks will be operating a second funds transfer
service in addition to the Fedwire Funds Service, as well as technical
corrections to subpart A, governing the check service. The proposal
provided for a comment period ending on August 10, 2021. The Board is
extending the comment period for 30 days, until September 9, 2021.
DATES: For the notice of proposed rulemaking published on June 11, 2021
(86 FR 31376), comments must be received by September 9, 2021.
ADDRESSES: You may submit comments by any of the methods identified in
the proposal.
FOR FURTHER INFORMATION CONTACT: Jess Cheng, Senior Counsel (202) 452-
2309, Gavin L. Smith, Senior Counsel (202) 452-3474, Legal Division, or
Ian C.B. Spear, Manager (202) 452-3959, Kirstin E. Wells, Principal
Economist (202) 452-2962, Division of Reserve Bank Operations and
Payment Systems; for users of Telecommunications Device for the Deaf
(TDD) only, contact (202) 263-4869.
SUPPLEMENTARY INFORMATION: On June 11, 2021, the Board of Governors of
the Federal Reserve System (Board) published in the Federal Register a
proposal to amend Regulation J to govern funds transfers through the
Federal Reserve Banks' (Reserve Banks) new FedNow Service by
establishing a new subpart C. The Board also proposed changes and
clarifications to subpart B, governing the Fedwire Funds Service, to
reflect the fact that the Reserve Banks will be operating a second
funds transfer service in addition to the Fedwire Funds Service, as
well as technical corrections to subpart A, governing the check
service.\1\
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\1\ 86 FR 31376 (June 11, 2021).
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The proposal provided for a comment period ending on August 10,
2021. Since the publication of the proposal, the Board has received a
request for an extension of the comment period. An extension of the
comment period will provide additional opportunity for interested
parties to analyze the proposal and prepare and submit comments.
Therefore, the Board is extending the end of the comment
[[Page 43144]]
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period for the proposal from August 10, 2021 to September 9, 2021.
By order of the Board of Governors of the Federal Reserve
System, acting through the Secretary of the Board under delegated
authority.
Ann Misback,
Secretary of the Board.
[FR Doc. 2021-16826 Filed 8-5-21; 8:45 am]
BILLING CODE P
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