Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
Fed finalizes rule for transfers over FedNow service
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.