The FRB issued a request for public comment (the “Request for Comment”) to Part II of the FRB’s Policy on Payment System Risk; Procedures for Measuring Daylight Overdrafts (the “PSR Policy”). The changes to the PSR Policy largely involve changes to the posting rules for automated clearing house (“ACH”) and commercial check transactions. The FRB said that the changes “are intended to align [the posting rules] with current operations and processing times and to strategically position the rules for future advancements in the speed of clearing and settlement.”
The changes to the PSR Policy, among other things would:
- move the posting of ACH debit transactions from 11:00 A.M. Eastern Time (“ET”) to 8:30 A.M. ET;
- provide a set of principles for establishing future posting rules for the Federal Reserve Banks’ same-day ACH service;
- move the posting time for receiving most credits for deposits of commercial checks and debits for presentments of commercial checks from 11:00 A.M. ET to 8:30 A.M. ET (and establish two other posting times at 1:30 P.M. ET and 5:30 P.M. ET); and
- adopt parallel amendments to the FRB’s Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire).