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ARTICLE · 17 DECEMBER 2014

Changes To Federal Reserve Board Policy On Payment System Risk

A&O Shearman
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On December 1, 2014, the US Board of Governors of the Federal Reserve System issued changes to part II of the Federal Reserve Policy on Payment System Risk.

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On December 1, 2014, the US Board of Governors of the Federal Reserve System ("Federal Reserve Board") issued changes to part II of the Federal Reserve Policy on Payment System Risk ("PSR policy") which are intended to improve the efficiency of the payment system. The majority of the changes address posting rules for automated clearing house ("ACH") and commercial check transactions.

Regarding ACH debit transactions, the Federal Reserve Board approved moving their posting to align with the posting of ACH credit transactions. For commercial check transactions, the Federal Reserve Board adopted moving the posting time for receiving most credits for deposits and debits for presentments to 8:30 a.m. Eastern Time ("ET"), and establishing two other posting times at 1:00 p.m. ET and 5:30 p.m. ET. The posting rule changes for ACH debit and commercial check transactions will become effective July 23, 2015.

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