Signed by President Bush on October 28, 2003, the Check Clearing for the 21st Century Act ("Check 21 Act") is designed to facilitate check truncation by authorizing substitute checks, to foster innovation in the check collection system without mandating receipt of checks in electronic form, and to improve the overall efficiency of the Nation's payments system.
Selected Coverage from American Banker with Congressional Summary
Cards/Technology
The Tech Scene: Check 21 Proving More Complex than Planned - November 2, 2005A Contrarian Check 21 Play: Making the case for a direct connection - August 12, 2005JPM Settles in Check 21 Patent Battle - July 7, 2005Surprise Effect of Check 21 - Duplicate IRDs - May 10, 2005Shrinking Float Expected to Spur a Switch to Plastic - March 23, 2005Moving Closer to Wide-Scale Check 21 Adoption - March 22, 2005Check 21: Remote Deposit Boosts Service, Cuts Costs (Retail Delivery Supplement) - January 18, 2005Check 21 Leaves Courier's Future Up in the Air - December 20, 2004 Key Using Fed IRD System For West-to-East Clearing - November 19, 2004First Check 21 Wave: Remote Image Capture - November 12, 2004Carreker Eyeing Industrywide Check Imaging - November 3, 2004Early Notes: Updating Consumers on Check 21 - August 10, 2004Check 21: Changes Accelerating - August 3, 2004The Tech Scene: Many Clients Still in Dark on Check 21 - May 19, 2004Check 21: Maybe Not So Daunting After All (Community Banking Supplement) - May 5, 2004The Tech Scene: Problem of Blurry Images Clouds Check 21's Future - March 31, 2004Check 21: Not Quite Black And White? - March 15, 2004Check Imaging's Next Stop: Customer Offices - March 11, 2004The Tech Scene: Check Imaging ROI Plans Found Wanting at Banks - March 2, 2004Banks About to Start Swapping Check Images - January 20, 2004Image Specialists Tackling the Day 2 Problem - December 2, 2003Mulling Check 21's Impact on Verification Services - November 25, 2003B of A Set to Pilot Check Conversion For Deposits - November 11, 2003The Tech Scene: Why Check 21 Could Erase ARC's Gains - November 5, 2003Gauging the Long-Term Opportunities in Check 21 - October 31, 2003Fed Sees ChecksDown 4.8% for Year, 9% in '04 - October 27, 2003Few Ready to Benefit from Check 21: Survey - October 1, 2003WesPay Trio Begins Electronic Check Settlement - September 30, 2003In Brief: A Texas Bank's Check 21 Quibble - September 19, 2003Carreker's Check 21 Pitch to Banks - September 15, 2003Hong Kong Image Project Touted as Model for U.S - August 28, 2003As Imaging Advances, So Do Check Exchanges - July 3, 2003Banks Busy with Check 21, Even If Congress Isn't - June 11, 2003Prepping for Check 21, Clearing Houses to Merge - May 6, 2003In Brief: Check Processors Gear Up for Exchange - May 5, 2003Zions-EDS Pairing Could Be Key Match for Check Imaging - May 1, 2003Letters to the Editor: Duplicate Debits Phantom Issue in Conversion Debate - April 4, 2003The Tech Scene: Debit Disputes Could Frame Check 21 Debate - April 02, 2003Small Banks Finding New Reasons to Start Imaging - March 31, 2003Letter to the Editor: Why 'Substitute Checks' Deserve Better Reputation - March 21, 2003Lockbox Conversion Trend Puts Savings Ahead of Fees - March 20, 2003The Tech Scene: 'Substitute Checks' Stuck With Bad Rap? - March 19, 2003Check Imaging on a Fast Track at Small Banks - March 4, 2003Banks, Billers, Prove Eager To Truncate Checks - January 17, 2003Infonox Says It's Moving Up in Check Imaging - November 19, 2002Check Image Network Seen as Breakthrough - September 30, 2002
Markets
In Brief: NetDeposit, Fiserv Team Up on Routing - November 16, 2004Different Approaches Driving Big 4 Core Players - November 2, 2004In Brief: Fiserv Has Check 21 Agreement with ACB - October 8, 2004In Brief: Flurry of Deals as Check 21 Approaches - June 3, 2004Check 21: Plenty of Talk, Except From CFOs - June 1, 2004Check 21 Will Hurt Small Businesses And the Police (Letter to the Editor) - May 14, 2004Key Expects $10M of Check 21 Savings - April 1, 2004
Washington/Regulatory
Effort to Shorten Check-Hold Periods Criticized - April 22, 2005The Tech Scene: Will Imaging Prompt Fed to Exit from Clearing? - October 27, 2004ARC, Not Check 21, Cited in Fed's Check Decline - October 14, 2004Final Rules, New Questions On Check 21 - July 30, 2004Check 21 Spells the End of Fed Check Processing - May 21, 2004Check 21's Unexamined Side Effect? - April 27, 2004In Brief: Fed Proposes a Check 21 Rule - December 23, 2003In Brief: President to Sign Check 21 Today - October 28, 2003In Brief: Check 21 Awaiting President's Signature - October 20, 2003In Brief: Vote Set for Today On Check 21 Bill - October 8, 2003In Brief: Check 21 Clears Conference Panel - October 2, 2003The Fed and AirNet Work Out Final Kink in 'Check 21' Bill - September 23, 2003Fed Works to Unsnag Check Truncation Bill - August 19, 2003Truncation Bill Snagged on Fed Cost Disclosure - August 6, 2003A Check 21 Provision that May Alter Image Debate - July 1, 2003In Brief: House Approves Check-Clearing Bill - June 6, 2003In Brief: House Prepares for Check-Clearing Debate - June 4, 2003'Check 21' Bill Poised for Vote by House Committee - May 16, 2003Fed Drops Check 21 Credit Issue - April 9, 2003Fed Governor Makes Case for Check Truncation - September 26, 2002Truncation Debate Opens Today on the Hill - September 25, 2002Truncation Bill Gains Interest But Not Steam - June 26, 2002
Legislation and Congressional Summary
The Check Clearing for the 21st Century Act ("Check 21 Act") - Public Law No. 108-100 - October 28, 2003Congressional Research Service Legislative Summary
