Federal Reserve System: Availability of Funds and Collection of Checks
GAO-04-1048R: Aug 18, 2004
- Full Report:
GAO reviewed the Federal Reserve System's new rule on availability of funds and collection of checks. GAO found that (1) the rule would implement the Check Clearing for the 21st Century Act, and set forth the requirement of the act that apply to banks, a model consumer awareness disclosure and other model notices, and indorsement and identification requirements for substitute checks; and (2) the Federal Reserve complied with all applicable requirements in promulgating the rule.