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The Federal Reserve Board has revised its policy statement on Payments System Risk. Two key changes may interest Eighth District institutions: 1) Certain depository institutions now can pledge collateral to the Federal Reserve so that they may gain additional daylight overdraft capacity in excess of their net debit caps; 2) Starting April 2002, the posting time of electronic check presentments (ECP) will move to later in the day, beginning at 1 p.m. local time. This change will minimize the disincentive posed by the earlier posting rules. It also will reduce or eliminate the daylight overdraft charge differential that was created when customers previously used ECP.
The press release that announced the policy revision is available under the "Press Releases" section of the Federal Reserve Board's web site: http://www.federalreserve.gov/newsevents/press/all/2001all.htm. If you would like a paper copy of this release, contact Tracie Mueller at (314) 444-8810 or 1-800-333-0810, ext. 44-8810. If you have questions regarding the Payments System Risk Policy, contact Hillary Debenport at (314) 444-8488 or 1-800-333-0810, ext. 44-8488.