Responding to the reality that the nation's check collection system has evolved from "one that is largely paper-based to one that is virtually all electronic," the Federal Reserve Board this week requested public comment on proposed amendments to check collection and return rules. The board is proposing that "electronic checks and electronic returned checks that banks exchange by agreement" also be subject to the check collection and return provisions in Regulation CC (Availability of Funds and Collection of Checks). The board is also requesting comments on "alternative approaches to modify the current expeditious-return and notice of nonpayment requirements" in an effort to encourage the few remaining banks demanding paper returns to "accept electronic returns." Comments are due by May 2, 2014. For more, read the full press release.