Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire and Availability of Funds and Collection of Checks
Fed · final-rule · Published 2005-11-28 · 70 FR 71218
Document
Document number
05-23331
Federal Register citation
70 FR 71218
CFR reference
12 CFR 210
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US Federal Reserve System
Publication date
2005-11-28
Docket
Regulations J and CC
Abstract
The Board of Governors is adopting a final rule amending Regulation CC to define "remotely created checks" and to 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 adopting conforming cross-references to the new warranties in Regulation J.