Federal Reserve System March 4, 2005 – Federal Register Recent Federal Regulation Documents

Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire and Availability of Funds and Collection of Checks
Document Number: 05-4128
Type: Proposed Rule
Date: 2005-03-04
Agency: Federal Reserve System, Agencies and Commissions
The Board of Governors is requesting comment on proposed amendments to Regulation CC that would define ``remotely created checks'' and create transfer and presentment warranties for such checks. The purpose of the amendments is to shift liability for unauthorized remotely created checks to the depositary bank, which is generally the bank for the person that initially created and deposited the remotely created check. The Board is also proposing conforming cross-references to the proposed new warranties in Regulation J.