MyECheck, Inc. (fka MYEC)

[hawkstar]

Board of Federal Reserve intends to facilitate banking industry into fully electronic check collection and return and 2011 notice comments are due MAY 2nd, 2014.


AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Proposed rule, request for comment.

"On March 25, 2011, the Board published a notice of proposed rulemaking (‘‘2011 proposal’’) intended to facilitate the banking industry’s ongoing transition to fully electronic interbank check collection and return.

Based on its analysis of the comments received in response to the 2011 proposal, the Board is revising its proposed amendments to subparts C and D of Regulation CC and is requesting comment on a revised proposed rule that would, among other things, encourage depositary banks to receive and paying banks to send returned checks electronically.

The Board is requesting comment on two alternative frameworks for return requirements. DATES: Comments must be submitted by May 2, 2014."

http://www.gpo.gov/fdsys/pkg/FR-2014-02-04/pdf/2013-30024.pdf