(a) Each Reserve Bank shall publish a time
schedule indicating when the amount of any cash item or returned check
received by it is counted toward the balance maintained to satisfy
a reserve balance requirement for purposes of part 204 of this chapter
(Regulation D) and becomes available for use by the sender or paying
or returning bank. The Reserve Bank that holds the settlement account
shall give either immediate or deferred credit to a sender, a paying
bank, or a returning bank (other than a foreign correspondent) in
accordance with the time schedule of the receiving Reserve Bank. A
Reserve Bank ordinarily gives credit to a foreign correspondent
only when the Reserve Bank receives payment of the item in actually
and finally collected funds, but, in its discretion, a Reserve Bank
may give immediate or deferred credit in accordance with its time
schedule.
(b) Notwithstanding its time schedule,
a Reserve Bank may refuse at any time to permit the use of credit
given by it for any cash item or returned check, and may defer availability
after credit is received by the Reserve Bank for a period of time
that is reasonable under the circumstances.
