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Effective Jan. 5, 2026: Amendments to financial services operating circulars

December 8, 2025

Federal Reserve Financial Services (FRFS) is amending and updating multiple operating circulars as part of a modernization initiative. Changes will be implemented in phases. This phase of updated documents is now available for review and will become effective on Jan. 5, 2026.

The revised operating circulars feature:

  • Simplified language to improve readability
  • Standardized terminology to increase clarity and consistency
  • Improved organization, including by consolidating commonly applicable terms into Operating Circular 5
  • Revised language to broaden applicability of consolidated Operating Circular 5 terms across operating circulars

Additional changes

In addition to these modernization updates affecting Operating Circulars 3, 4, 5, 6, 7 and 8, FRFS is also implementing the changes highlighted below.

Amendments to financial services operating services effective Jan. 5, 2026
Operating circularHighlighted changes
Operating Circular 3, Collection of Cash Items and Returned Checks
  • Add a subsection clarifying FRFS’ policy regarding checks drawn on a Reserve Bank as cash items
  • Align email delivery terms for the FedPayments® Reporter Service between Check Services and the FedACH® Service in Operating Circular 4
  • Revise language to improve clarity of intent
  • Simplify related forms (e.g., changes to the Check 21 Agency Agreement form, which was also renamed Check Service Provider Agreement)
Operating Circular 5, General Financial Service Provisions (formerly Electronic Access)
  • Add a new appendix setting forth the terms applicable to a new offering, Payee Name Verification, that is expected to become available in 2026
Operating Circular 8, FedNow® Service Operating Procedures
  • Add adjustment to expressly allow Reserve Banks to share FedNow participants’ fraud contact information with other financial institutions

Learn more

Please see the Operating Circulars page for more information, including:

  • Amended operating circulars
  • Summary of changes
  • Redlined comparison documents

Please direct any questions to the Support Center.

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