[Federal Register Volume 74, Number 17 (Wednesday, January 28, 2009)]
[Rules and Regulations]
[Pages 4909-4910]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-1421]
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Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
Prices of new books are listed in the first FEDERAL REGISTER issue of each
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Federal Register / Vol. 74, No. 17 / Wednesday, January 28, 2009 /
Rules and Regulations
[[Page 4909]]
FEDERAL RESERVE SYSTEM
12 CFR Part 229
Regulation CC; Docket No. R-1348; 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 Charlotte branch office of the Federal
Reserve Bank of Richmond 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 March 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 March 21, 2009, the Reserve Banks will transfer the check-
processing operations of the Charlotte branch office of the Federal
Reserve Bank of Richmond 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 Charlotte 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 Richmond and
Atlanta to reflect the transfer of check-processing operations from the
Charlotte branch office of the Federal Reserve Bank of Richmond 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 March 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 Charlotte branch office of the Federal
Reserve Bank of Richmond 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.
[[Page 4910]]
Authority and Issuance
0
For the reasons set forth in the preamble, the Board is amending 12 CFR
part 229 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 Fifth and Sixth Federal Reserve District routing symbol lists in
appendix A are revised to read as follows:
Appendix A to Part 229--Routing Number Guide to Next-Day Availability
Checks and Local Checks
* * * * *
FIFTH FEDERAL RESERVE DISTRICT
[Federal Reserve Bank of Richmond]
Baltimore Branch
0510 2510
0514 2514
0520 2520
0521 2521
0522 2522
0540 2540
0550 2550
0560 2560
0570 2570
SIXTH FEDERAL RESERVE DISTRICT
[Federal Reserve Bank of Atlanta]
Head Office
0530 2530
0531 2531
0532 2532
0539 2539
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, January 16, 2009.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E9-1421 Filed 1-27-09; 8:45 am]
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