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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 |
§ 975.3 - General provisions.
Latest version.
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The Banks are authorized to:
(a) Engage in, be agents or intermediaries for, or otherwise participate or assist in, the processing, collection, and settlement of checks, drafts, or any other negotiable or nonnegotiable items and instruments of payment drawn on eligible institutions or Bank members; and
(b) Be drawees of checks, drafts, and other negotiable and nonnegotiable items and instruments issued by eligible institutions or Bank members.