District Circular Letters

November 10, 1999

REGULATION CC: FINAL RULE-- ELECTRONIC RETURN OF UNPAID CHECKS

To All Depository Institutions In the Twelfth Federal Reserve District

The Federal Reserve Board has adopted a final rule amending Regulation CC, Availability of Funds and Collection of Checks, to clarify the extent to which depository institutions and others may, by agreement, vary the terms of the regulation for the purpose of instituting electronic return systems.

The rule is effective December 15, 1999.

The Board requested comments on this rule in February 1999. Rather than adopting any of the options it proposed at that time, the Board is revising the Commentary to Regulation CC to add examples of interbank agreements on electronic presentment and return of checks. This revision will not affect the rights of any parties to the checks under Regulation CC.

Copies

Copies of the Board's notice (Docket R-1034) 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 number 4183. Board notices are also available via the Federal Reserve Bank of San Francisco's Internet site.

Additional Information

For additional information regarding Regulatin CC, please contact our Law Department at (415) 974-2256.

FEDERAL RESERVE BANK OF SAN FRANCISCO

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