Indorsement and Payment of Checks Drawn on the United States Treasury

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This rule revises 31 CFR Part 240, which governs the indorsement and payment of checks drawn on the United States Treasury. The changes are intended both to fix the time by which Treasury can decline payment on Treasury checks and to provide financial institutions with a date certain for final payment. These rules also provide greater clarity by defining previously undefined terms and by ensuring symmetry with current Treasury regulations governing Federal payments utilizing the automated clearing house method. This rule also provides that Treasury may instruct Federal Reserve Banks to intercept and return, unpaid, benefit payment checks issued to deceased payees. These proposed revisions are issued in response to concerns raised by financial institutions, Federal agencies, and other affected parties.