Summary of Proposed Rule: Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire

Updated 06/25/2021

The Board of Governors of the Federal Reserve System (Board) is proposing amendments to Regulation J to govern funds transfers through the Federal Reserve Banks’ (Reserve Banks) new FedNowSM Service by establishing a new subpart C. The proposed rule includes 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. The proposed rule also includes technical corrections to subpart A, which governs the check service.

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