For example, the Federal Reserve recently modified Regulation CC to reallocate the liability for unauthorized remotely  4  The term "conversion" generally refers to "check-to-ACH conversion," in which data from a check is used to create an electronic funds transfer that is cleared and settled over the ACH network. Such transactions include accounts receivable (ARC), point-of-purchase (POP), and back-office conversion (BOC) transactions.
5  Check 21 became effective in October 2004. 6  Before Check 21, banks were required to present the original paper check to the paying bank unless the paying bank had agreed to accept presentment of the check electronically.