Request for Comment on Proposal to Withdraw from Noncash Collection Service - District Notice 04-74

Federal Reserve Bank of Dallas2200 N. PEARL ST.DALLAS, TX 75201-2272HELEN E. HOLCOMBFIRST VICE PRESIDENT ANDCHIEF OPERATING OFFICEROctober 29, 2004Notice 04-74TO: The Chief Operating Officer of eachfinancial institution and others concernedin the Eleventh Federal Reserve DistrictSUBJECTRequest for Comment on Proposalto Withdraw from Noncash Collection ServiceDETAILSThe Board of Governors is requesting public comment on a proposal that the FederalReserve Banks withdraw from the noncash collection service at year-end 2005. The noncashcollection service involves the collection and processing of definitive municipal bonds andcoupons issued by state and local governments. The proposal to exit this service is prompted bythe declining volume of definitive municipal securities, the expected underrecovery of costs infuture years, and the availability of alternate service providers and substitutable services.The Board must receive comments by December 20, 2004. Please address commentsto Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Streetand Constitution Avenue, N.W., Washington, DC 20551. Also, you may mail comments elec-tronically to regs.comments@federalreserve.gov. All comments should refer to Docket No. OP-1214.The public can also view and submit comments on proposals by the Board and otherfederal agencies from the www.regulations.gov web site.For additional copies, bankers and others are encouraged to use ...