other · Fiscal Service · Rule · Published 2012-03-20 · Effective 2012-04-11 · 77 FR 16165
Document
Document number
2012-6351
Federal Register citation
77 FR 16165
CFR reference
31 CFR 321
Type
Rule
Action
Final rule.
Category
other
Sub-agency
Fiscal Service
Publication date
2012-03-20
Effective date
2012-04-11
Abstract
Treasury is changing the procedures for financial institutions to transmit and receive settlement for redeemed definitive (paper) savings securities (savings bonds and savings notes) from the EZ Clear system to an image-based securities process through the Federal Reserve. By changing the procedures, Treasury will reduce costs and provide for a more efficient method of processing savings securities through the Federal Reserve. Treasury is making discretionary the payment of fees to paying agents for the processing of redeemed definitive savings securities. Treasury will have the flexibility to adjust paying agent fees and significantly reduce program costs.