Commercial Paper, Bank Deposits and Collections, and Other Payment Systems
The legal rules governing commercial paper, bank deposits and collections, and other payment systems are undergoing substantial change as a result of federal and state legislative, regulatory, and judicial developments. In 1987, Congress expanded the scope of the Federal Reserve's authority ove...
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| Veröffentlicht in: | The Business lawyer 1988-08, Vol.43 (4), p.1305-1352 |
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| container_end_page | 1352 |
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| container_issue | 4 |
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| container_title | The Business lawyer |
| container_volume | 43 |
| creator | Ballen, Robert G. Cooper, Corinne Davenport, William B. Nyquist, Curtis W. |
| description | The legal rules governing commercial paper, bank deposits and collections, and other payment systems are undergoing substantial change as a result of federal and state legislative, regulatory, and judicial developments. In 1987, Congress expanded the scope of the Federal Reserve's authority over the payment system. The Board of Governors of the Federal Reserve System approved a Federal Reserve Bank redeposit service for returned small-dollar checks during 1987. The Board also enacted several amendments to the comprehensive program it adopted in 1985 to address the risk of settlement failure in the context of a large-dollar payment network, i.e., a risk control program. The Board also extended the risk control program to the automated clearinghouse service. For the future, the Federal Reserve envisions an all-electronic, around-the-clock payment system serving primarily: 1. immediate payments, 2. same day or future day transfers for recurring consumer payments, and 3. corporate trade payments. A mandatory, next-day availability schedule goes into effect on September 1, 1988. |
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In 1987, Congress expanded the scope of the Federal Reserve's authority over the payment system. The Board of Governors of the Federal Reserve System approved a Federal Reserve Bank redeposit service for returned small-dollar checks during 1987. The Board also enacted several amendments to the comprehensive program it adopted in 1985 to address the risk of settlement failure in the context of a large-dollar payment network, i.e., a risk control program. The Board also extended the risk control program to the automated clearinghouse service. For the future, the Federal Reserve envisions an all-electronic, around-the-clock payment system serving primarily: 1. immediate payments, 2. same day or future day transfers for recurring consumer payments, and 3. corporate trade payments. A mandatory, next-day availability schedule goes into effect on September 1, 1988.</abstract><cop>Chicago, Ill</cop><pub>Section of Business Law of the American Bar Association</pub><tpages>48</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0007-6899 |
| ispartof | The Business lawyer, 1988-08, Vol.43 (4), p.1305-1352 |
| issn | 0007-6899 2164-1838 |
| language | eng |
| recordid | cdi_proquest_reports_228454169 |
| source | HeinOnline Law Journal Library; Periodicals Index Online; Jstor Complete Legacy |
| subjects | Bank accounts Bank deposits Bank liabilities Banking regulation Banks Cash Central banks Check collections Checks Commercial paper Court decisions Customers Federal legislation Federal Reserve Bank Payment systems Payments Retail banking Uniform Commercial Code Uniform Commercial Code-US |
| title | Commercial Paper, Bank Deposits and Collections, and Other Payment Systems |
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