To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The Federal Reserve Board has asked for comments on proposed amendments to Regulation CC that would add a new subpart D, with commentary, to implement the recently enacted Check Clearing for the 21st Century Act.
The proposed amendments (1) would set forth the requirements of the Act that apply to banks, (2) provide a model disclosure and model notices relating to substitute checks, and (3) set forth endorsement requirements and truncating bank and reconverting bank identification requirements for substitute checks.
The amendments also would clarify some existing provisions of the rule and commentary. Comments must reach the Board by March 12, 2004. Details on submitting comments are available in the attached Federal Register notice.
Stephanie A. Heller
Counsel and Vice President