§ 210.7. Federal Reserve Banks.
110 words·~1 min read·
/us/cfr/t31/s§ 210.7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Fiscal Agents. Each Federal Reserve Bank serves as Fiscal Agent of the Treasury in carrying out its duties as the Federal Government's ACH Operator under this part. As Fiscal Agent, each Federal Reserve Bank shall be responsible only to the Treasury and not to any other party for any loss resulting from the Federal Reserve Bank's action, notwithstanding Section 11.5 and Article 8 of the ACH Rules. Each Federal Reserve Bank may issue operating circulars not inconsistent with this part which shall be binding on financial institutions.
(b)Routing numbers. All routing numbers issued by a Federal Reserve Bank to an agency require the prior approval of the Service.