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Can you summarize 12 CFR Part 210?
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM > COLLECTION OF CHECKS AND OTHER ITEMS BY FEDERAL RESERVE BANKS AND FUNDS TRANSFERS THROUGH THE FEDWIRE FUNDS SERVICE AND THE FEDNOW SERVICE (REGULATION J)
Short Summary
These legal documents, governed by the Code of Federal Regulations, provide guidelines and regulations for the collection of checks and other items by Federal Reserve Banks, funds transfers through the Fedwire Funds Service, and funds transfers through the FedNow Service. The first document outlines the general provisions that each Reserve Bank must adhere to, including the issuance of operating circulars to govern the handling of items. It also addresses the handling of government items, foreign items, and the relation to other laws. The second document, Regulation J, governs funds transfers through the Fedwire Funds Service and establishes the rights and obligations of Federal Reserve Banks, senders, receiving banks, beneficiaries, and other parties involved in funds transfers. It defines various terms used in the context of funds transfers and clarifies their meanings. The document also covers payment obligations, overdrafts, liability, and compensation by Federal Reserve Banks. The third document governs funds transfers through the FedNow Service, which is a funds-transfer system owned and operated by the Federal Reserve Banks. It establishes the framework and definitions for funds transfers through the FedNow Service and covers payment obligations, overdrafts, liability, and compensation by Federal Reserve Banks. These documents apply to various entities involved in the collection of checks and other items, funds transfers through the Fedwire Funds Service, and funds transfers through the FedNow Service. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Federal Reserve Banks, senders, receiving banks, beneficiaries, government senders, and entities involved in funds transfers through the FedNow Service.
What does it govern?
The collection of checks and other items by Federal Reserve Banks, funds transfers through the Fedwire Funds Service, and funds transfers through the FedNow Service.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
U.S. Federal Government