October 2022Transmittal 500
Effective: 10/1/2022
Procedural and Organizational Rules
Systems
of Records of the Federal Reserve System
Pursuant
to the provisions of the Privacy Act of 1974, notice was given that
the Board proposes to modify existing system of records,
BGFRS-37 “FRB—Electronic Applications.”
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This system of records enables
bank holding companies, savings and loan holding companies, state
member banks, and foreign banks with operations in the United States,
or other companies, and persons to submit an application or notice
to the Federal Reserve System for approval or nonobjection, as appropriate,
to conduct certain transactions or engage in certain activities. The
modified system of records will become effective September 12, 2022,
without further notice, unless comments dictate otherwise (Rules Regarding
Access to Personal Information under the Privacy Act of 1974, Systems of Records of the Federal Reserve System). The modified system
of records was published in the Federal Register on August
12, 2022.Payment System
Regulation
J
The Board is amending Regulation J to govern
funds transfers through the Federal Reserve Banks’ new FedNow
SM Service.
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The final rule also includes changes and clarifications to
regulations governing the Fedwire Funds Service, to reflect the fact
that the Reserve Banks will be operating a second funds transfer service
in addition to the Fedwire Funds Service, as well as technical corrections
to regulations governing the check service. The final rule is effective
October 1, 2022 (Regulation J, Docket R-1750) and was published in the Federal Register on June 6, 2022.
