[Federal Register Volume 66, Number 188 (Thursday, September 27, 2001)]
[Notices]
[Page 49385]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-24132]


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FEDERAL RESERVE SYSTEM

[Docket No. R-1111]


Policy Statement on Payments System Risk Potential Longer-Term 
Policy Direction

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Extension of comment deadline.

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SUMMARY: The Board has extended the deadline for its request for 
comment on the potential longer-term direction of its payments system 
risk (PSR) policy (66 FR 30208, June 6, 2001). The longer-term policy 
options include the following: (1) Lowering single-day net debit cap 
levels to approximately the current two-week average cap levels and 
eliminating the two-week average net debit cap, (2) implementing a two-
tiered pricing regime for daylight overdrafts such that institutions 
pledging collateral to the Reserve Banks pay a lower fee on their 
collateralized daylight overdrafts than on their uncollateralized 
daylight overdrafts, and (3) monitoring in real time all payments with 
settlement-day finality and rejecting those payments that would cause 
an institution to exceed its net debit cap or daylight overdraft 
capacity level.

DATES: Comments must be received by November 16, 2001.

ADDRESSES: Comments, which should refer to Docket No. R-1111, may be 
mailed to Ms. Jennifer J. Johnson, Secretary, Board of Governors of the 
Federal Reserve System, 20th and C Streets, NW, Washington, D.C. 20551 
or mailed electronically to [email protected]. Comments 
addressed to Ms. Johnson also may be delivered to the Board's mailroom 
between 8:45 a.m. and 5:15 p.m. and to the security control room 
outside of those hours. Both the mailroom and the security control room 
are accessible from the courtyard entrance on 20th Street between 
Constitution Avenue and C Street, NW. Comments may be inspected in Room 
MP-500 between 9 a.m. and 5 p.m. weekdays, pursuant to Sec. 261.12, 
except as provided in Sec. 261.14, of the Board's Rules Regarding 
Availability of Information, 12 CFR 261.12 and 261.14.

FOR FURTHER INFORMATION CONTACT: Paul Bettge, Associate Director (202/
452-3174), Stacy Coleman, Manager (202/452-2934), or John Gibbons, 
Senior Financial Services Analyst (202/452-6409), Division of Reserve 
Bank Operations and Payment Systems.

SUPPLEMENTARY INFORMATION: As a result of the terrorist attacks that 
occurred on September 11, some organizations with an interest in the 
potential longer-term policy direction of the Board's payments system 
risk policy have had to devote significant resources to ensuring the 
continued smooth functioning of the payments systems and financial 
markets. The Board has extended the comment deadline to provide these 
organizations with adequate time to analyze the issues raised in the 
notice and to incorporate their perspectives on recent financial market 
experiences.
    By order of the Board of Governors of the Federal Reserve System, 
September 21, 2001.

Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 01-24132 Filed 9-26-01; 8:45 am]
BILLING CODE 6210-01-P