Federal Government Participation in the Automated Clearing House; Proposed Rule DEPARTMENT OF THE TREASURY

Zusammenfassung

This document proposes to revise regulations which define the responsibilities and liabilities of the Federal Government (Government), Federal Reserve Banks, financial institutions, Receivers and Originators doing business with the Government through the Automated Clearing House (ACH) system. This revision proposes substantive changes to the existing regulations and supersedes the savings allotment provisions of Part 209 because savings allotment and recurring benefit payments formerly under the terms of Part 209 are made by the ACH method under the terms of Part 210. These 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. These 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. In general, these revisions accept the private industry ACH Rules as promulgated by the National Automated Clearing House Association (NACHA), unless it is determined that, in its role of prot