Okla. Stat. tit. 12A § 4A-107
Regulations of the board of governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this Article to the extent of the inconsistency.
Okla. Stat. tit. 12A, § 4A-107
Oklahoma Code Comment
§ 4A-107 states a principle for preemption in funds transfers that is not necessarily the only choice, and that perhaps is not even the best choice. See, e.g., Miller, The Problem of Preemption in Consumer Credit Regulation, 3 Okla. City Univ.L.Rev. 529, 531-32 (1979). Nonetheless, it is the choice made, and it is consistent with the enactment of Article 4A as state law. Thus the goal of uniformity (UCC § 1-102) compels great deference to the choice, particularly since the advisors to the drafting committee from the Federal Reserve System not only indicated no opposition to the choice but the Federal Reserve Board has proposed to amend Regulation J to eliminate any inconsistency concerning funds transfers over Fedwire. For a more extensive discussion as to the arguable extent of deference to federal regulations, see Fry, Basic Concepts in Article 4A: Scope and Definitions, 45 Bus.Law. 1401 (June 1990 Special Issue). For example, suppose a regulation is adopted in excess of legislative authority. The wording of this section can be construed to eliminate any argument over whether a regulation was issued within legislatively granted authority. On the other hand, Article 4A can control the deference to operating circulars that is evidenced in § 4A-107 since it is probable that at least some of these do not have the force of federal law, being issued by Federal Reserve Banks that are not federal agencies.
As the Official Comments to § 4A-107 indicate, it is the more common situation that Article 4A and federal law complement each other. For example, present Regulation J § 210.36 (proposed § 210.30), which makes a payment order also advice of settlement illustrates one instance when payment or settlement by the sender to the receiving bank occurs under § 4A-403(a)(1).