The Federal Reserve today proposed amendments to harmonize Regulation J — which governs the collection of checks or other items by Federal Reserve banks and funds transfers through Fedwire — with Regulation CC, which implements the Expedited Funds Availability Act. The proposal would align Reg J with recent amendments to Reg CC, which updated the check collection framework to reflect a system that is now largely electronic. It would also clarify that financial messaging standards for Fedwire transfers do not confer or connote legal status or responsibilities with respect to Fedwire funds transfers. Comments are due 60 days after publication in the Federal Register.
ABA Foundation marks 24th Get Smart About Credit Day with expanded financial education resources
The ABA Foundation celebrated the 24th annual Get Smart About Credit Day with the release of expanded resources designed to help bankers provide teens and young adults with practical financial education.
