31 C.F.R. § 210.7
Federal Reserve Banks
(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.
Notes of Decisions
Cited in 7
cases, 1983–2009 · leading case: Transactive Corp. v. United States of Am. & Robert E. Rubin, Sec'y of Treasury, 91 F.3d 232 (D.C. Cir. 1996).
Transactive Corp. v. United States of Am. & Robert E. Rubin, Sec'y of Treasury, 91 F.3d 232 (D.C. Cir. 1996). “In fact, the EFT rules specifically note that “[a] financial institution to which a payment is sent under this part does not thereby become a Federal Government depositary,” 31 C.F.R. § 210.7 (g), or, in other words, does not become — and therefore, cannot need to be — a federal…”
Bloomberg L.P. v. Bd. of Governors of the Fed. Reserve Sys., 649 F. Supp. 2d 262 (S.D.N.Y. 2009). “§ 391 ; 31 C.F.R. § 210.7 . 2 . See Press Release, Federal Reserve System, Report Pursuant to Section 129 of the Emergency Economic Stabilization Act of 2008: Bridge Loan to the Bear Steams Companies Inc.”
Kennedy C. Scott v. Fed. Reserve Bank of Kansas City, 406 F.3d 532 (8th Cir. 2005). “Federal Reserve Banks are authorized to be government fiscal agents and the Federal Reserve Banks and the Treasury refer to the Federal Reserve Banks as fiscal agents of the United States.”
Beauchesne v. Nimmo, 562 F. Supp. 250 (D. Conn. 1983). “10 because it is granted immunity under 31 C.F.R. § 210.7 (h), which provides: “(h) Each financial organization by its action of handling a credit payment shall be deemed to warrant to the Government that it has handled such credit payment in accordance with this part.”
Dockstader v. Miller, 719 F.2d 327 (10th Cir. 1983). “Under 31 C.F.R. § 210.7 (f)(3), a financial organization is required to return a credit payment received after the death of the recipient.”
Breault v. Heckler, 591 F. Supp. 308 (D. Conn. 1984). “With regard to electronic fund transfers, 31 C.F.R. § 210.7 (f)(3) provides, in pertinent part: A financial organization shall promptly return to the Government through the Federal Reserve Bank any relevant credit payment received by such financial organization .”
Kennedy C. Scott v. Fed. Reserve Bank (8th Cir. 2005). “, 31 C.F.R. §210.7 (referring to the Federal Reserve Banks as fiscal agents of the government).”
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