[Code of Federal Regulations]
[Title 12, Volume 2]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR210.25]

[Page 322-323]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 210--COLLECTION OF CHECKS AND OTHER ITEMS BY FEDERAL RESERVE BANKS AND FUNDS TRANSFERS THROUGH FEDWIRE (REGULATION J)--Table of Contents
 
               Subpart B--Funds Transfers Through Fedwire
 
Sec. 210.25  Authority, purpose, and scope.

    Source: 55 FR 40801, Oct. 5, 1990, unless otherwise noted.


    (a) Authority and purpose. This subpart provides rules to govern 
funds transfers through Fedwire, and has been issued pursuant to the 
Federal Reserve Act--section 13 (12 U.S.C. 342), paragraph (f) of 
section 19 (12 U.S.C. 464), paragraph 14 of section 16 (12 U.S.C. 
248(o)), and paragraphs (i) and (j) of section 11 (12 U.S.C. 248(i) and 
(j))--and other laws and has the force and effect of federal law. This 
subpart is not a funds-transfer system rule as defined in Section 4A-
501(b) of Article 4A.
    (b) Scope. (1) This subpart incorporates the provisions of Article 
4A set forth in appendix B to this subpart. In the event of an 
inconsistency between the provisions of the sections of this subpart and 
appendix B, to this subpart, the provisions of the sections of this 
subpart shall prevail.
    (2) Except as otherwise provided in paragraphs (b)(3) and (b)(4) of 
this section, this Subpart governs the rights and obligations of:
    (i) Federal Reserve Banks sending or receiving payment orders;
    (ii) Senders that send payment orders directly to a Federal Reserve 
Bank;
    (iii) Receiving banks that receive payment orders directly from a 
Federal Reserve Bank;
    (iv) Beneficiaries that receive payment for payment orders sent to a 
Federal Reserve Bank by means of credit to an account maintained or used 
at a Federal Reserve Bank; and
    (v) Other parties to a funds transfer any part of which is carried 
out through Fedwire to the same extent as if this subpart were 
considered a funds-transfer system rule under Article 4A.
    (3) This subpart governs a funds transfer that is sent through 
Fedwire, as provided in paragraph (b)(2) of this section, even though a 
portion of the funds transfer is governed by the Electronic Fund 
Transfer Act, but the portion of such funds transfer that is governed by 
the Electronic Fund Transfer Act is not governed by this subpart.

[[Page 323]]

    (4) In the event that any portion of this Subpart establishes rights 
or obligations with respect to the availability of funds that are also 
governed by the Expedited Funds Availability Act or the Board's 
Regulation CC, Availability of Funds and Collection of Checks, those 
provisions of the Expedited Funds Availability Act or Regulation CC 
shall apply and the portion of this Subpart, including Article 4A as 
incorporated herein, shall not apply.
    (c) Operating Circulars. Each Federal Reserve Bank shall issue an 
Operating Circular consistent with this Subpart that governs the details 
of its funds-transfer operations and other matters it deems appropriate. 
Among other things, the Operating Circular may: set cut-off hours and 
funds-transfer business days; address available security procedures; 
specify format and media requirements for payment orders; identify 
messages that are not payment orders; and impose charges for funds-
transfer services.
    (d) Govenment senders, receiving banks, and beneficiaries. Except as 
otherwise expressly provided by the statutes of the United States, the 
parties specified in paragraphs (b)(2)(ii) through (v) of this section 
include:
    (1) A department, agency, instrumentality, independent 
establishment, or office of the United States, or a wholly-owned or 
controlled Government corporation;
    (2) An international organization;
    (3) A foreign central bank; and
    (4) A department, agency, instrumentality, independent 
establishment, or office of a foreign government, or a wholly-owned or 
controlled corporation of a foreign government.

[55 FR 40801, Oct. 5, 1990; 55 FR 47428, Nov. 13, 1990]