A Federal Reserve interim rule could remove regulatory barriers to the growth of electronic bill payment and presentment.

The rule, which took effect Wednesday but is still subject to change, is part of a sweeping overhaul of several Fed regulations designed to accommodate electronic commerce and Internet banking. It would let banks send electronic versions of account statements in lieu of costlier paper documents. In its current form, the rule governs only Regulation DD, the Fed's Truth in Savings guideline for deposit accounts.

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