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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 12 - Banks and Banking |
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Chapter IX - Federal Housing Finance Board |
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SubChapter I - MISCELLANEOUS FEDERAL HOME LOAN BANK OPERATIONS AND AUTHORITIES |
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Part 975 - COLLECTION, SETTLEMENT, AND PROCESSING OF PAYMENT INSTRUMENTS |
§ 975.2 - Authority and scope.
Latest version.
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(a) Pursuant to section 11(e)(2) of the Act (12 U.S.C. 1431(e)(2)) , the Finance Board has promulgated this part governing the collection, processing, and settlement, and services incidental
thereto, of drafts, checks, and other negotiable and nonnegotiable items and instruments by Banks. Settlement, collection, and processing include the following activities as defined in this part: Account processing, data processing, data communication, issuance of forms, transportation of items, and storage services. (b) Any activity authorized by section 11(e)(2) of the Act (12 U.S.C. 1431(e)(2)) shall be governed by the provisions of this part.