[Federal Register Volume 85, Number 190 (Wednesday, September 30, 2020)]
[Notices]
[Page 61747]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-21532]


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FEDERAL RESERVE SYSTEM

[Docket No. OP-1692]


Modifications to the Federal Reserve Banks' National Settlement 
Service and Fedwire[supreg] Funds Service To Support Enhancements to 
the Same-Day ACH Service and Corresponding Changes to the Federal 
Reserve Policy on Payment System Risk; Announcement of New 
Implementation Date

    On December 30, 2019, the Board of Governors of the Federal Reserve 
System (Board) announced that it had approved (i) modifications to the 
Federal Reserve Banks' (Reserve Banks) payment services to facilitate 
adoption of a later same-day ACH processing and settlement window and 
(ii) corresponding changes to the Federal Reserve Policy on Payment 
System Risk (PSR policy).\1\ The Board approved these modifications and 
changes with an implementation date of March 19, 2021.
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    \1\ 84 FR 71940 (December 30, 2019).
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    The Board is amending the implementation date for these 
modifications and changes from March 19, 2021 to March 8, 2021, with 
the exception of two changes to the PSR policy that will still be 
implemented on March 19, 2021.\2\ This earlier implementation date will 
permit the Reserve Banks to test and implement modifications to the 
Fedwire[supreg] Funds Service and the National Settlement Service 
before March 19, 2021, which is Nacha's current effective date for 
implementing the later same-day ACH window.
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    \2\ Specifically, on March 19, 2021, the Board will (i) add a 
6:00 p.m. ET posting time for settlement of commercial and 
government same-day ACH transactions, including return items, and 
(ii) remove the current 5:30 p.m. ET posting time for commercial and 
government same-day ACH return items, because these return items 
will post at the new 6:00 p.m. ET posting time. The Board is 
amending the implementation date for a third change to the PSR 
policy--an adjustment to the formula for calculating daylight 
overdraft fees--from March 19, 2021 to March 8, 2021.
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    Questions regarding this notice may be directed to Michael Ballard, 
Senior Financial Institution and Policy Analyst (202-452-2384); Ann 
Sun, Lead Financial Institution and Policy Analyst (202-912-7938), 
Division of Reserve Bank Operations and Payment Systems; for users of 
Telecommunication Devices for the Deaf (TDD) only, contact (202-263-
4869).

    Board of Governors of the Federal Reserve System, September 24, 
2020.
Ann Misback,
Secretary of the Board.
[FR Doc. 2020-21532 Filed 9-29-20; 8:45 am]
BILLING CODE 6210-01-P