31 CFR 370.22 - What requirements apply to a financial institution that debits a deposit account?

Regulations last checked for updates: Feb 16, 2025

Title 31 - Money and Finance: Treasury last revised: Jan 17, 2025

View all text of Subpart C [§ 370.20 - § 370.26]

§ 370.22 - What requirements apply to a financial institution that debits a deposit account?

A financial institution that debits a deposit account upon receiving a debit initiated by us agrees to the provisions of this subpart. A financial institution that does so also warrants that it has the authority to receive debit entries.

authority: 12 U.S.C. 391; 31 U.S.C. chapter 31

source: 64 FR 40487, July 26, 1999, unless otherwise noted.

cite as: 31 CFR 370.22