District Circular Letters
September 18, 1997
REGULATION J:
CHECK COLLECTION UNDER INTERSTATE BANKING
To Member and Nonmember Banks
and Others Concerned
in the Twelfth Federal Reserve District
Final Amendments Regarding Check Collection (Docket R-0972)
The Federal Reserve Board has announced amendments to Regulation J which
are designed to help ease the transition to interstate branching in the
check collection area.
The amendments are effective January 2, 1998.
Beginning January 2, 1998, the Federal Reserve Banks will implement a
new account structure under which each depository institution will have
a single Federal Reserve account relationship. Under the amended Regulation
J, an institution will be allowed to send checks to any Reserve Bank for
collection, but all of its check collection transactions through the Federal
Reserve will be reflected in a single account held at its "Administrative
Reserve Bank," no matter where the institution has its branches.
Copies
Copies of the Board's notice (Docket R-0972)
are available from our Corporate Services Department. To request
copies to be sent via mail, please call (415) 974-2748. To request copies
to be sent via fax, please call (415) 974-3333, and specify document numbers
4126.
Additional Information
For additional information regarding Regulation J, please contact our
Payments Services Department, at (415) 974-3450.
FEDERAL RESERVE BANK OF SAN FRANCISCO
|
