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GAO-04-1048R 1 (2004-08-18)

handle is hein.gao/gaobadwkw0001 and id is 1 raw text is: I Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-294474 August 18, 2004 The Honorable Richard C. Shelby Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Michael G. Oxley Chairman The Honorable Barney Frank Ranking Minority Member Committee on Financial Services House of Representatives Subject: Federal Reserve System: Availability of Funds and Collection of Checks Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Federal Reserve System, entitled Availability of Funds and Collection of Checks (Regulation CC; Docket No. R-1176). We received the rule on August 2, 2004. It was published in the Federal Register as a final rule on August 4, 2004. 69 Fed. Reg. 47290. The final rule implements the Check Clearing for the 21st Century Act (Pub. L. 108- 100, October 28, 2003). The rule sets forth the requirements of the Act that apply to banks, a model consumer awareness disclosure and other model notices, and indorsement and identification requirements for substitute checks. Enclosed is our assessment of the Federal Reserve's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review indicates that the Federal Reserve complied with the applicable requirements. If you have any questions about this report, please contact James W. Vickers, Assistant General Counsel, at (202) 512-8210. The official responsible for GAO evaluation work relating to the subject matter of the rule is Thomas McCool, GAO-04-1048R

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