Fed to survey US on cheque usage as Check 21 becomes law
Washington, DC --
Now that the Check Clearing for the 21st Century Act (Check 21) has been signed into law in the US, the Federal Reserve System is set to conduct a nationwide survey on cheque usage, and draft regulatory language.Check 21 was signed into law on October 28, and will become effective on October 28, 2004. The law is designed to foster innovation in the US payments system and to enhance its efficiency by reducing some of the legal impediments to cheque truncation.
The law
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