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FEDERAL RESERVE BANK OF DALLAS DALLAS. TEXAS 7S222 C irc u la r No. 80-30 F e b ru a ry 20, 1980 COMMENT PERIOD FOR PROPOSED SECTION TO REGULATION J HAS BEEN EXTENDED TO ALL BANKS, OTHER CREDITORS, AND OTHERS CONCERNED IN THE ELEVENTH FEDERAL RESERVE DISTRICT: The Board of Governors has extended the period for public comment on its proposal to add a new Subpart C to Regulation J from Janu ary 31, 1980 to March 14, 1980. The proposed section would govern the clearing and settlement of electronic fund transfers made through automated clearing houses operated by the Federal Reserve. The p re s s release and Board of Governors' order of extension are printed on the following pages. Any inquiries should be directed to Larry M. Snell, Ext. 6123, Larry J . Reck, Ext. 6337, o r C . J . Pickering, Ext. 6194. Sincerely y ou rs, Robert H. Boykin First Vice President Banks and others are encouraged to use the following incoming W A T S numbers in contacting this Bank: 1-800-442-7140 (intrastate) and 1-800-527-9200 (interstate). For calls placed locally, please use 651 plus the extension referred to above. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) ^qtGOtafc. FEDERAL RESERVE press release For immediate release January 31, 1980 The Federal Reserve Board has extended from January 31 to March 14 the period for public comment on Its proposal to add a new subpart to its Regulation J. On November 28 the Board proposed to add a Subpart C to Regulation J to govern the clearing and settling of credit and debit items by automated clearing houses operated by the Federal Reserve. The Board extended the period for comment In response to requests that it do so to give interested parties additional time to prepare comment. Subparts A and B of Regulation J deal with collection and clearing of checks, and wire transfer of funds respectively, and are not affected by proposals for Subpart C. - 0 - TITLE 12— BANKS AND BANKING CHAPTER II— FEDERAL RESERVE SYSTEM SUBCHAPTER A— BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM PART 210— COLLECTION OF CHECKS AND OTHER ITEMS AND TRANSFER OF FUNDS REGULATION J [Docket No. R-0262] Automated Clearing House Items AGENCY: Board of Governors of the Federal Reserve System. ACTION: proposed rule: extension of comment period. SUMMARY: The Board of Governors of the Federal Reserve System has extended until March 14, 1980, the period for receipt of public comment on its proposal that a Subpart C be added to the present Regulation J. The proposed new Subpart would establish the respective duties and responsibilities of the Federal Reserve Banks and those financial depository institutions using the Federal Reserve operated electronic clearing and settlement facilities to transfer funds. These facilities are known as automated clearing house facilities. DATE: Comments must be received on or before March 14, 1980. ADDRESS: Comments, which should refer to Docket No. R-0262, may be mailed to Theodore E. Allison, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, N.W., Washington, D. C. 20551, or delivered to Room B-2223 between 8:45 a.m. and 5:15 p.m. Comments received may also be inspected at Room B-1122 between 8:45 a.m. and 5:15 p.m., except as provided in section 261.6(a) of the Board's Rules Regarding Availability of Information (12 C.F.R. § 261.6(a)). FOR FURTHER INFORMATION CONTACT: Lee S. Adams, Senior Attorney (202/452 3623), Legal Division, Board of Governors of the Federal Reserve System, Washington, D. C. 20551. SUPPLEMENTARY INFORMATION: On November 28, 1979 (44 FR 67995), the Board requested comment on a proposal to add a Subpart C to the present Regulation J. The proposed Subpart would govern the clearing and settlement of credit and debit items by automated clearing houses operated by Federal Reserve Banks. Automated clearing house operations a n d the Federal Reserve's role in such operations essentially parallel check clearing -2 operations except that the payment information is contained on electronic media as opposed to paper checks. Comment was requested on the proposal by January 31, 1980. The Board has been requested to extend the comment period in order to provide interested parties with additional time in which to present their views. In light of the issues involved in the proposal and in order to encourage public participation in this matter, the comment period has been extended to March 14, 1980. By order of the Board of Governors, acting through its Secretary under delegated authority, January 30, 1980. Theodore E. Allison Secretary of the Board [SEAL]
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