Examples of Administrative Reserve Bank in a sentence
A paying bank’s settlement with its Administrative Reserve Bank is deemed to be settlement with the Re- serve Bank from which the paying bank received the item.
A paying bank shall set- tle for an item under this subpart with its Administrative Reserve Bank, whether or not the paying bank re- ceived the item from that Reserve Bank.
A returning bank may send a returned check to any Reserve Bank (unless its Administrative Reserve Bank directs it to send the returned check to a specific Reserve Bank) in accordance with subpart C of part 229 of this chapter (Regulation CC), the Uniform Commercial Code, and the Re- serve Banks’ operating circulars.
An initial sender’s Administrative Reserve Bank that is deemed to handle an item is also deemed to be a sender with respect to that item.
A subsequent returning bank or depositary bank shall settle with its Administrative Reserve Bank for returned checks in the same man- ner and by the same time as for cash items presented for payment under this subpart.
On the day a paying bank re- ceives 2 a cash item from a Reserve Bank, it shall settle for the item such that the proceeds of the settlement are available to its Administrative Reserve Bank by the close of Fedwire on that day, or it shall return the item by the later of the close of its banking day or the close of Fedwire.
The Administrative Reserve Bank of a (sending or correspondent) bank that settles for credit item originations may require the bank to prefund in accordance with Appendix C credit item originations that settle through the bank’s account, if the Administrative Reserve Bank has determined to monitor the bank’s account in real time.
When a sender sends an item to a Reserve Bank, the sender and any prior collecting bank grant to the sender’s Administrative Reserve Bank a security interest in all of their respective assets in the posses- sion of, or held for the account of, any Reserve Bank to secure their respec- tive obligations due or to become due to the Administrative Reserve Bank under this subpart or subpart C of part229 of this chapter (Regulation CC).
When a paying or returning bank sends a returned check to a Reserve Bank, the paying bank, returning bank, and any prior return- ing bank grant to the paying bank’s or returning bank’s Administrative Re- serve Bank a security interest in all of their respective assets in the posses- sion of, or held for the account of, any Reserve Bank, to secure their respec- tive obligations due or to become due to the Administrative Reserve Bank under this subpart or subpart C of part229 of this chapter (Regulation CC).
The proposed amendments would also clarify that an institution’s Administrative Reserve Bank is deemed to have accepted deposit of a check or other item even if the institution sends the item directly to another Federal Reserve Bank.