12 CFR 1271.3
§ 1271.3 General provisions.
United States · 12 CFR — Banks and Banking · Status: effective
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- Citation
- 12 CFR 1271.3, § 1271.3 General provisions, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/50831
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Full text
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.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.