Indorsement and Payment of Checks Drawn on the United States Treasury

Resumo

This final rule authorizes the Department of the Treasury (Treasury), Financial Management Service (FMS), to direct Federal Reserve Banks to debit a financial institution's Master Account for all check reclamations against the financial institution that the financial institution has not protested. Financial institutions will continue to have the right to file a protest with FMS if they believe a proposed reclamation is in error.