Federal Reserve Communications System Law and Legal Definition

According to 27 CFR 19.11 [Title 27 Alcohol, Tobacco Products and Firearms; Chapter I Alcohol and Tobacco Tax and Trade Bureau, Department of the Treasury; Subchapter A Alcohol; Part 19 Distilled Spirits Plants], commercial bank is a bank, whether or not a member of the Federal Reserve system, which has access to the Federal Reserve Communications System (FRCS) or Fedwire. The "FRCS" or "Fedwire" is a communications network that allows Federal Reserve System member banks to effect a transfer of funds for their customers (or other commercial banks) to the Treasury Account at the Federal Reserve Bank of New York.