[Federal Register Volume 73, Number 245 (Friday, December 19, 2008)]
[Rules and Regulations]
[Pages 77491-77492]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-30085]
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FEDERAL RESERVE SYSTEM
12 CFR Part 229
[Regulation CC; Docket No. R-1344]
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 the routing number
guide to next-day availability checks and local checks in Regulation CC
to delete the reference to the head office of the Federal Reserve Bank
of St. Louis 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 February 21, 2009.
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 February 21, 2009, the Reserve Banks will transfer the check-
processing operations of the head office of the Federal Reserve Bank of
St. Louis 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 St. Louis 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 Banks of St. Louis and Atlanta to reflect the transfer
of check-processing operations from the head office of the
[[Page 77492]]
Federal Reserve Bank of St. Louis 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 February 21, 2009. 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 Sec.
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 head office of the Federal Reserve Bank of
St. Louis 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 and Eighth Federal Reserve District routing symbol lists
in appendix A are amended by removing the headings and listings for the
Eighth Federal Reserve District and revising the listings for the Sixth
Federal Reserve District 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
0810 2810
0812 2812
0815 2815
0819 2819
0820 2820
0829 2829
0840 2840
0841 2841
0842 2842
0843 2843
0865 2865
* * * * *
By order of the Board of Governors of the Federal Reserve
System, December 15, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8-30085 Filed 12-18-08; 8:45 am]
BILLING CODE 6210-01-P