Skip to content

Effective date of Reg J amendments for FedNow transactions


The Federal Reserve Board has announced it has finalized a rule that governs funds transfers over the Federal Reserve Banks' FedNow Service. The final rule, which adds a new subpart C to Regulation J, is substantially similar to the proposal from last year, with a few clarifications in response to comments.

The FedNow Service is a new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States and is expected to be available in 2023.

The final rule provides a comprehensive set of rules governing funds transfers over the FedNow Service and provides legal certainty and clarity on the rights and obligations of parties to a transfer over the FedNow Service.

The rule will become effective at the start of the first calendar quarter following its publication in the Federal Register.

PUBLICATION and EFFECTIVE DATE UPDATE: Published on June 6, 2022, at 87 FR 34350, with an effective date of October 1, 2022.

Penalties View All

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Compliance Deadlines

By Status