[Federal Register Volume 74, Number 33 (Friday, February 20, 2009)]
[Rules and Regulations]
[Pages 7785-7786]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-3547]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
12 CFR Part 229
[Regulation CC; Docket No. R-1352]
Availability of Funds and Collection of Checks
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule; technical amendment.
-----------------------------------------------------------------------
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 Baltimore 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 Philadelphia. These amendments reflect the
restructuring of check-processing operations within the Federal Reserve
System.
DATES: The final rule will become effective on April 18, 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.
---------------------------------------------------------------------------
\1\ For purposes of Regulation CC, the term ``bank'' refers to
any depository institution, including commercial banks, savings
institutions, and credit unions.
---------------------------------------------------------------------------
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 April 18, 2009, the Reserve Banks will transfer the check-
processing operations of the Baltimore branch office of the Federal
Reserve Bank of Richmond to the head office of the Federal Reserve Bank
of Philadelphia. As a result of this change, some checks that are drawn
on and deposited at banks located in the Baltimore and Philadelphia
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 Philadelphia to reflect the transfer of check-processing
operations from the Baltimore branch office of the Federal Reserve Bank
of Richmond to the head office of the Federal Reserve Bank of
Philadelphia. To coincide with the effective date of the underlying
check-processing changes, the amendments to appendix A are effective
April 18, 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\
---------------------------------------------------------------------------
\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.
---------------------------------------------------------------------------
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
[[Page 7786]]
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 Baltimore 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
Philadelphia. 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 Third and Fifth Federal Reserve District routing symbol lists in
appendix A are amended by removing the headings and listings for the
Fifth Federal Reserve District and revising the listings for the Third
Federal Reserve District to read as follows:
Appendix A to Part 229--Routing Number Guide to Next-Day Availability
Checks and Local Checks
---------------------------------------------------------------------------
\1\ The first two digits identify the bank's Federal Reserve
District. For example, 01 identifies the First Federal Reserve
District (Boston), and 12 identifies the Twelfth District (San
Francisco). Adding 2 to the first digit denotes a thrift
institution. For example, 21 identifies a thrift in the First
District, and 32 denotes a thrift in the Twelfth District.
---------------------------------------------------------------------------
* * * * *
Third Federal Reserve District
[Federal Reserve Bank of Philadelphia]
Head Office
0110 \1\ 2110
0111 2111
0112 2112
0113 2113
0114 2114
0115 2115
0116 2116
0117 2117
0118 2118
0119 2119
0210 2210
0211 2211
0212 2212
0213 2213
0214 2214
0215 2215
0216 2216
0219 2219
0260 2260
0280 2280
0310 2310
0311 2311
0312 2312
0313 2313
0319 2319
0360 2360
0510 2510
0514 2514
0520 2520
0521 2521
0522 2522
0540 2540
0550 2550
0560 2560
0570 2570
* * * * *
By order of the Board of Governors of the Federal Reserve
System, February 13, 2009.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E9-3547 Filed 2-19-09; 8:45 am]
BILLING CODE 6210-01-P