The Federal Reserve has begun offering a new Automated Clearing House (ACH) service called the ACH Information File Service.
This auxiliary service is designed specifically for customers who have electronic connections to the Fed, yet contract with service providers to receive and process their ACH items. This product would benefit financial institutions using processors without EDI translation capabilities.
For more information about the service, call Pat McNamara-Smith at (314) 444-8713.
The Federal Reserve Board has updated its brochure, A Guide to Regulation CC Compliance, to reflect minor revisions to the regulation. The new brochure was developed to provide financial institutions with a brief summary of the funds availability requirements of the regulation and highlight the elements of it that cause financial institutions the most difficulty. To request a copy, call Debbie Dawe at (314) 444-8809.
In Plain English, the St. Louis Fed's recently published educational booklet about the Federal Reserve, is now available on the Internet. The booklet, which was written and illustrated to appeal to the general public and describes the history, functions and components of the Fed, can be found on the St. Louis Fed's web site (www.stlouisfed.org/in-plain-english).