Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through the Fedwire Funds Service and the FedNow Service; Regulation J
Abstract
The Board is proposing amendments to subpart C of Regulation J (governing the FedNow[supreg] Service) to permit FedNow participants to use intermediaries, other than Reserve Banks, to send funds transfers through the FedNow Service. The Board believes this change could support private-sector cross-border payment solutions by allowing FedNow participants to leverage an intermediary (for example, a correspondent bank) for the international portion of a cross-border transaction and use the FedNow Service for the U.S. domestic portion.
Federal Register Source
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Frequently Asked Questions
What is the 2026-06996 Federal Register document?
Document 2026-06996 is a Proposed Rule published by the Federal Reserve System in the Federal Register on April 10, 2026. The Board is proposing amendments to subpart C of Regulation J (governing the FedNow[supreg] Service) to permit FedNow participants to use intermediaries, other than Reserve Banks, to send funds transfers through the FedNow Service. The Board believes this change could support private-sector cross-border payment solutions by allowing FedNow participants to leverage an intermediary (for example, a correspondent bank) for the international portion of a cross-border transaction and use the FedNow Service for the U.S. domestic portion. View the original at https://www.federalregister.gov/documents/2026/04/10/2026-06996/collection-of-checks-and-other-items-by-federal-reserve-banks-and-funds-transfers-through-the.
Is document 2026-06996 an economically significant rule?
No. Document 2026-06996 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.