The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FED ER AL RESERVE BANK O F NEW YORK TCircular No. 8 1 1 5 1 L May 13, 1977 J Advice of Nonpayment of Certain Cash Items To All M ember Banks in the Second Federal Reserve District, and Others Concerned: Effective July 1, 1 9 7 7 , all Federal Resei ve offices will implement a new uniform procedure in connection with the dishonor or return of cash items in amounts of $2,500 and over. Under the new procedure, Reserve offices will not provide advice of nonpayment for cash items in amounts of $2,500 and over to prior endorsers u n le s s such advice of nonpayment has been received from the paying bank. This procedure, designed to reduce Federal Reserve operating expenses and to provide uniformity of procedures in this regard, will replace the current practice under which Reserve Banks have provided such advice in cases where the paying bank has not done so. Paragraph 22 of our Operating Circular No. 4 and paragraph 20 of our Opera ting Circular No. 6 have been amended to reflect this change, as indicated in the enclosed supplements to those operating circulars. Also, in an unrelated matter, paragraphs 3 ( b ) , 14, and 21, and Appendix C, of Operating Circular No. 4 and paragraph 5 ( c ) of Operating Circular No. 8 have been updated by deleting all references to food certificates, which are no longer issued by the Department of Agriculture. This change is also reflected in the enclosures. P aul A. V o lc k er , President. F ed eral Reserve Bank o f N ew York Sixth Supplement to Operating Circular No. 4 (Revised effective July 1, 1974) May 13, 1977 COLLECTION OF CASH ITEMS To All M ember Banks in the Second Federal Reserve District, and Others Concerned: Operating Circular No. 4, Revised effective July 1, 1974, is amended as follows: 1. All references to food certificates in paragraphs 3(b), 14, and 21 and in Appendix C are deleted. In addition, paragraph 4 of Appen dix C is deleted. 2. E ffe c tiv e J u ly 1, 1977, paragraph 22 is amended to read as follows: 22. This Bank shall have no responsibility for determining whether any other bank has (a) made or provided for the protest of any cash item protestable under the provisions of this operating circular or (b) given any wire advice of nonpayment required under the provisions hereof, nor shall this Bank have any responsibility for giving wire advice of nonpayment unless a wire advice of nonpayment required hereunder is received from the paying bank or any other bank. Paul A. V o l c k e r , President. F ederal Reserve ban k o f N ew Y ork Seventh Supplement to Operating Circular No. 6 (Revised effective September 21, 1972) Effective July 1, 1977 INSTRUCTIONS TO COLLECTING BANKS AND PAYING BANKS To All Member Banks in the Second Federal Reserve District, and Others Concerned: Effective July 1, 1977, paragraph 20 of Operating Circular No. 6, Revised effective September 21, 1972, is amended to read as follows: 20. This Bank shall have no responsibility for determining whether any other bank responsible therefor has (a) made or provided for the protest of any cash item protestable hereunder or (b) given any wire advice of non payment required hereunder, nor shall this Bank have any responsibility for giving wire advice of nonpayment unless a wire advice of nonpayment required hereunder is received from the paying bank or any other bank. Pau l A. V olcker, P re sid e n t. [Enc. Cir. No. 8115] F ederal Reserve Bank o f New York Fifth Supplement to Operating Circular No. 8 (Revised effective Janaury 1, 1975) May 13, 1977 COLLECTION OF NONCASH ITEMS To All M ember Banks in the Second Federal Reserve District, and Others Concerned : Operating Circular No. 8, Revised effective January 1, 1975, is amended by deleting the reference to food certificates in paragraph 5(c). Paul A. V olcker, P re sid e n t. [Enc. Cir. No. 8115]
@FedFRASER