Federal Government Participation in the Automated Clearing House; Notice of Extension of Time for Comments

Zusammenfassung

On September 30, 1994, the Financial Management Service issued a notice of proposed rulemaking that proposes to revise the regulations defining the responsibilities and liabilities of the Federal Government, Federal Reserve Banks, financial institutions, Receivers, and Originators doing business with the Government through the Automated Clearing House (ACH) system. (59 FR 50112). The revisions are intended to provide a regulatory basis for broader use of the ACH system to meet the future payment, collection and information flow needs of the Government. The revisions also are intended to bring Government regulations more in line with financial industry rules so as to eliminate, as much as possible, the need for the financial industry to operate under two sets of rules for processing ACH transactions. The date for filing comments is being extended at the request of various interested commenters.