[Federal Register: September 12, 2008 (Volume 73, Number 178)]
[Rules and Regulations]
[Page 52908-52909]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr12se08-2]
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FEDERAL RESERVE SYSTEM
12 CFR Part 229
[Regulation CC; Docket No. R-1326]
Availability of Funds and Collection of Checks
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule; technical amendment.
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SUMMARY: The Board of Governors (Board) is amending appendix A of
Regulation CC to delete the reference to the Jacksonville branch office
of the Federal Reserve Bank of Atlanta and to reassign the Federal
Reserve routing symbols currently listed under that office to the head
office of the Federal Reserve Bank of Atlanta. These amendments reflect
the restructuring of check-processing operations within the Federal
Reserve System.
DATES: The final rule will become effective on November 15, 2008.
FOR FURTHER INFORMATION CONTACT: Jeffrey S. H. Yeganeh, Financial
Services Manager (202-728-5801), or Joseph P. Baressi, Financial
Services Project Leader (202-452-3959), Division of Reserve Bank
Operations and Payment Systems; or Sophia H. Allison, Senior Counsel
(202-452-3565), Legal Division. For users of Telecommunications Devices
for the Deaf (TDD) only, contact 202-263-4869.
SUPPLEMENTARY INFORMATION: Regulation CC establishes the maximum period
a depositary bank may wait between receiving a deposit and making the
deposited funds available for withdrawal.\1\ A depositary bank
generally must provide faster availability for funds deposited by a
``local check'' than by a ``nonlocal check.'' A check is considered
local if it is payable by or at or through a bank located in the same
Federal Reserve check-processing region as the depositary bank.
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\1\ For purposes of Regulation CC, the term ``bank'' refers to
any depository institution, including commercial banks, savings
institutions, and credit unions.
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Appendix A to Regulation CC contains a routing number guide that
assists banks in identifying local and nonlocal banks and thereby
determining the maximum permissible hold periods for most deposited
checks. The appendix includes a list of each Federal Reserve check-
processing office and the first four digits of the routing number,
known as the Federal Reserve routing symbol, of each bank that is
served by that office for check-processing purposes. Banks whose
Federal Reserve routing symbols are grouped under the same office are
in the same check-processing region and thus are local to one another.
On November 15, 2008, the Reserve Banks will transfer the check-
processing operations of the Jacksonville branch office of the Federal
Reserve Bank of Atlanta to the head office of the Federal Reserve Bank
of Atlanta. As a result of this change, some checks that are drawn on
and deposited at banks located in the Jacksonville and Atlanta check-
processing regions and that currently are nonlocal checks will become
local checks subject to faster availability schedules. To assist banks
in identifying local and nonlocal checks and making funds availability
decisions, the Board is amending the list of routing symbols in
appendix A associated with the Federal Reserve Bank of Atlanta to
[[Page 52909]]
reflect the transfer of check-processing operations from the
Jacksonville branch office to the head office of the Federal Reserve
Bank of Atlanta. To coincide with the effective date of the underlying
check-processing changes, the amendments to appendix A are effective
November 15, 2008. The Board is providing notice of the amendments at
this time to give affected banks ample time to make any needed
processing changes. Early notice also will enable affected banks to
amend their availability schedules and related disclosures if necessary
and provide their customers with notice of these changes.\2\
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\2\ Section 229.18(e) of Regulation CC requires that banks
notify account holders who are consumers within 30 days after
implementing a change that improves the availability of funds.
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Administrative Procedure Act
The Board has not followed the provisions of 5 U.S.C. 553(b)
relating to notice and public participation in connection with the
adoption of the final rule. The revisions to appendix A are technical
in nature and are required by the statutory and regulatory definitions
of ``check-processing region.'' Because there is no substantive change
on which to seek public input, the Board has determined that the
section 553(b) notice and comment procedures are unnecessary. In
addition, the underlying consolidation of Federal Reserve Bank check-
processing offices involves a matter relating to agency management,
which is exempt from notice and comment procedures.
Paperwork Reduction Act
In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C.
3506; 5 CFR 1320 Appendix A.1), the Board has reviewed the final rule
under authority delegated to the Board by the Office of Management and
Budget. The technical amendment to appendix A of Regulation CC will
delete the reference to the Jacksonville branch office of the Federal
Reserve Bank of Atlanta and reassign the routing symbols listed under
that office to the head office of the Federal Reserve Bank of Atlanta.
The depository institutions that are located in the affected check-
processing regions and that include the routing numbers in their
disclosure statements would be required to notify customers of the
resulting change in availability under Sec. 229.18(e). However, all
paperwork collection procedures associated with Regulation CC already
are in place, and the Board accordingly anticipates that no additional
burden will be imposed as a result of this rulemaking.
List of Subjects in 12 CFR Part 229
Banks, Banking, Reporting and recordkeeping requirements.
Authority and Issuance
0
For the reasons set forth in the preamble, the Board is amending 12 CFR
part 229 to read as follows:
PART 229--AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS
(REGULATION CC)
0
1. The authority citation for part 229 continues to read as follows:
Authority: 12 U.S.C. 4001-4010, 12 U.S.C. 5001-5018.
0
2. The Sixth District routing symbol list in appendix A is revised to
read as follows:
Appendix A to Part 229--Routing Number Guide to Next-Day Availability
Checks and Local Checks
* * * * *
Sixth Federal Reserve District
[Federal Reserve Bank of Atlanta]
Head Office
0610 2610
0611 2611
0612 2612
0613 2613
0620 2620
0621 2621
0622 2622
0630 2630
0631 2631
0632 2632
0640 2640
0641 2641
0642 2642
0650 2650
0651 2651
0652 2652
0653 2653
0654 2654
0655 2655
0660 2660
0670 2670
0820 2820
0829 2829
0840 2840
0841 2841
0842 2842
0843 2843
* * * * *
By order of the Board of Governors of the Federal Reserve
System, acting through the Secretary of the Board under delegated
authority, September 8, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8-21089 Filed 9-11-08; 8:45 am]
BILLING CODE 6210-01-P