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Exam CRCM topic 1 question 160 discussion

Actual exam question from ABA's CRCM
Question #: 160
Topic #: 1
[All CRCM Questions]

___________ governs the collection of checks and other cash and noncash items and the handling of returned checks by Federal Reserve Banks. It also covers the rules governing funds transfers sent through the Fedwire. Its purpose is to provide rules for collecting and returning items and settling balances.

  • A. Regulation Z
  • B. Regulation X
  • C. Regulation J
  • D. None of the above
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Suggested Answer: C 🗳️
by Cam22 at March 16, 2024, 9:28 p.m.

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Dex24
6 months, 2 weeks ago
C, page 611
upvoted 1 times
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Cam22
8 months, 3 weeks ago
Selected Answer: C
The correct answer is C. Regulation J. This regulation governs the collection of checks and other cash and noncash items and the handling of returned checks by Federal Reserve Banks. It also covers the rules governing funds transfers sent through the Fedwire. Its purpose is to provide rules for collecting and returning items and settling balances. Regulation J is a key component in the process of check clearing and electronic funds transfers within the United States' banking system.
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