Federal Reserve System March 3, 2005 – Federal Register Recent Federal Regulation Documents

The Board has approved the withdrawal of the Federal Reserve Banks from the noncash collection service. The noncash collection service involves the collection and processing of definitive municipal bonds and coupons issued by state and local governments. The withdrawal from this service is prompted by the declining volume of definitive municipal securities, the expected underrecovery of costs in future years, and the availability of alternate service providers and substitutable services.