federalreserve regulations

[Batfish]

Anyone know how the new fed regulations about allowing banks to do electronic check transfers instead of sending hard copies will affect the check haulers? From what I heard the law just passed and they are talking about being able to put it into action by the fall. Has anyone heard talk at air-net, ram air, package express, bank-air or any of the other check haulers about if this will really affect them. If anyone has better details please add yours, I'm just going from what I heard. I hope it isn't true, I think it would really crush the good time building intro jobs.

 

[Tinpusher]

In anticipation of this development the FED announced last fall that they were doing away with 11 of 33 regional processing centers...also they have not rebid many route contracts and have instead extended current contracts in case they decide to eliminate some routes starting early next year. Airnet has actively started cultivating other revenue streams realizing that this goose is running low on golden eggs. Best of luck

 

[uscpilot]

I asked some of the higher up in the company. They told me that there is no way that this could be implimented for at least 3 years. Not that I expected to hear anything else. What are they going to say," we are folding tomorrow start applying before everyone else." yeah right. I dont think anything will happen this fall or even spring for that matter, however I think 3 years is overly opptomistic (sp).
In other words, if you are flying checks now you will probably be ok for a while. Unfortunatly aspiring freight dogs better have an alternative.

 

[Secret Squirrel]

Evidence

Where can i find information on the passing of the electronic transfer regulations? I have not found anything and the Federal Reserve website is a maze.

SS