The Federal Reserve Board has released the final rule to implement Check 21, including the model disclosure language for depository institutions to use in notifying consumers of their rights under the law. The law does not require banks to accept checks in electronic form nor does it require banks to use the new authority granted by the Act to create substitute checks. A substitute check is the legal equivalent of the original check and includes all the information contained on the original check. The law facilitates check truncation by creating a new negotiable instrument called a substitute check, which permits banks to truncate original checks, to process check information electronically, and to deliver substitute checks to banks that want to continue receiving paper checks. Check 21 is designed to foster innovation in the payments system and to enhance its efficiency by reducing some of the legal impediments to check truncation. The Check Clearing for the 21st Century Act (Check 21) was signed into law on October 28, 2003, and became effective on October 28, 2004. Factors Affecting Reserve Balances - H.4.1įrequently Asked Questions about Check 21.Industrial Production and Capacity Utilization - G.17.Survey of Household Economics and Decisionmaking.Household Debt Service and Financial Obligations Ratios.Financial Accounts of the United States - Z.1.Statistics Reported by Banks and Other Financial Firms in the United States.Senior Credit Officer Opinion Survey on Dealer Financing Terms.New Security Issues, State and Local Governments.Senior Loan Officer Opinion Survey on Bank Lending Practices.Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks.Assets and Liabilities of Commercial Banks in the U.S.Aggregate Reserves of Depository Institutions and the Monetary Base - H.3.Payments System Policy Advisory Committee.International Standards for Financial Market Infrastructures.Supervision & Oversight of Financial Market Infrastructures.Sponsorship for Priority Telecommunication Servicesįinancial Market Utilities & Infrastructures.Federal Reserve's Key Policies for the Provision of Financial Services.Regulation HH (Financial Market Utilities).Regulation II (Debit Card Interchange Fees and Routing).Regulation CC (Availability of Funds and Collection of Checks).Securities Underwriting & Dealing Subsidiaries.Enforcement Actions & Legal Developments.
Federal Financial Institutions Examination Council (FFIEC)īanking Applications & Legal Developments.Federal Reserve Supervision and Regulation Report.Community & Regional Financial Institutions.
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