Is a bank required to have adequate cash (FRN) on hand to cash out a large check?

[Chex]

Very nice! Pay particular attention to Footnote 4 of this Treatise. I think the paper describes the distinctions between reserve banking and fractional lending. I had lumped them together by 1913. Thanks again for causing me to reconsider.

Now...

Do you consider there to be any distinctions between "member bank" and Federal Reserve Agent?

Using your key words
Do you consider there to be any distinctions between "member bank" and Federal Reserve Agent?

That statement came up with a lot of information from a google search

Transactions involving items in process of collection that have been dispatched by the Federal Reserve office for which the office is unable to determine the destination distinction between other Federal Reserve Banks and depository institutions should also be included in this account. That’s one.

Even the OCC is in on it