[Federal Register Volume 59, Number 43 (Friday, March 4, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-4831]


[[Page Unknown]]

[Federal Register: March 4, 1994]


_______________________________________________________________________

Part III





Department of the Treasury





_______________________________________________________________________



Fiscal Service



_______________________________________________________________________



31 CFR Part 315, et al.




Offering and Governing Regulations for United States Savings Bonds; 
Final Rule
DEPARTMENT OF THE TREASURY

Fiscal Service

31 CFR Parts 315, 316, 317, 321, 330, 332, 342, 351, 352, and 353

 
Offering and Governing Regulations for United States Savings 
Bonds, Series E, EE, and H, HH, and Savings Notes; Issuing and Paying 
Agents; and Payment Under Special Endorsement

AGENCY: Bureau of the Public Debt, Fiscal Service, Department of the 
Treasury.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: This Final Rule amends the offering circulars for United 
States savings bonds and savings notes; the regulations governing 
savings bonds and notes; and the regulations governing activities of 
financial institutions and organizations serving as savings bond 
issuing and paying agents, to reflect the designation of five Federal 
Reserve Offices as savings bond processing sites. The changes are made 
to improve the efficiency of the processing of savings bond 
transactions. The regulations are further amended to reflect the fact 
that EZ CLEAR has become the only means by which savings bond paying 
agents may transmit and receive settlement for redeemed savings bonds 
and notes.

EFFECTIVE DATE: March 4, 1994.

FOR FURTHER INFORMATION CONTACT: Calvin Ninomiya, Chief Counsel, Bureau 
of the Public Debt, Washington, DC 20239-0001, (202) 219-3320.

SUPPLEMENTARY INFORMATION: As fiscal agents of the United States, 
Federal Reserve Banks and Branches perform a number of activities in 
support of the savings bond program, including issuing, redeeming, and 
reissuing savings bonds and notes. In recent years, both the Bureau of 
the Public Debt and Federal Reserve Offices have recognized that there 
would be benefits associated with consolidating certain savings bond 
activities. Since 1986, several activities have been consolidated, 
e.g., issuing savings bonds for payroll savings plans based upon a 
master file data base, and maintaining savings bonds for employee 
thrift plans in book-entry accounts.
    The Bureau and the Federal Reserve recognized that further 
consolidation would reduce operating costs, improve program management, 
and provide opportunities for more efficient use of technology, without 
any reduction in the level of service to bondowners and financial 
institutions serving as savings bond agents. Therefore, a Savings Bond 
Processing Study Team, composed of staff from both Public Debt and 
Reserve Offices, was formed to determine the optimum number of Reserve 
Office sites at which savings bond processing should be performed. The 
Team's recommendations formed the basis of the Bureau's decision to 
approve the changes in sites where consolidated savings bond processing 
would be performed. A listing of the consolidated processing sites is 
added to each of the following sections: 31 CFR 315.1, 316.12, 330.8, 
332.12, 342.9, 352.13, and 353.1, the offering circulars and governing 
regulations for savings bonds and notes, and 31 CFR 317.9 and 321.25, 
the regulations governing the issue and redemption of savings bonds. 
Federal Reserve Offices, other than those newly listed, may continue to 
provide some savings bond services, but their activities will be phased 
out over the period prior to March 1, 1996.
    Also, the regulations in 31 CFR part 317, also referred to as 
Department of the Treasury Circular, Public Debt Series No. 4-67, are 
being further amended to indicate that issuing agents are subject to 
the provisions of the Privacy Act of 1974, as amended (5 U.S.C. 552a).
    Finally, the regulations in 31 CFR part 321, also referred to as 
Department of the Treasury Circular No. 750, Fourth Revision, are being 
further amended to reflect the fact that submission of redeemed savings 
securities via EZ CLEAR has become the only means of transmitting and 
receiving settlement for such paid securities. The EZ CLEAR method of 
paid bond processing permits savings bond paying agents to transmit and 
receive settlement for redeemed securities in the same manner as for 
checks and other cash items. The reduction in separate processing has 
increased efficiency and reduced costs for the savings bond program.

Procedural Requirements

    This Final Rule does not meet the criteria for a ``significant 
regulatory action'' pursuant to Executive Order No. 12866. The 
regulatory review procedures, therefore, do not apply.
    Because this Final Rule relates to public contracts and procedures 
for United States securities, the notice, public comment, and delayed 
effective date provisions of the Administrative Procedure Act are 
inapplicable, pursuant to 5 U.S.C. 553(a)(2). As no notice of proposed 
rulemaking is required, the provisions of the Regulatory Flexibility 
Act (5 U.S.C. 601, et seq.) do not apply.
    There are no collections of information required by this Final 
Rule, and, therefore, the Paperwork Reduction Act does not apply.

List of Subjects in 31 CFR Parts 315, 316, 317, 321, 330, 332, 342, 
351, 352 and 353

    Bonds, Federal Reserve System, Government Securities.

    Dated: February 22, 1994.
Gerald Murphy,
Fiscal Assistant Secretary.

    31 CFR chapter II, parts 315, 316, 317, 321, 330, 332, 342, 351, 
352, and 353, are hereby amended as follows:

PART 315--REGULATIONS GOVERNING U.S. SAVINGS BONDS, SERIES A, B, C, 
D, E, F, G, H, J, AND K, AND U.S. SAVINGS NOTES

    1. The authority citation for part 315 continues to read as 
follows:

    Authority: 31 U.S.C. 3105, 5 U.S.C. 301.

    2. Section 315.1 is amended as follows:
    A. Paragraph (a) is amended by adding ``in the list below'' after 
``Federal Reserve Banks and Branches''.
    B. Paragraph (b) is revised to read as follows:


Sec. 315.1  Official agencies.

* * * * *
    (b) Communications concerning transactions and requests for forms 
should be addressed to:
    (1) A Federal Reserve Bank or Branch in the list below; the Bureau 
of the Public Debt. 200 Third Street, Parkersburg, WV 26101; or the 
Bureau of the Public Debt, Washington, DC 20226.
    (2)(i) The following Federal Reserve Offices have been designated 
to provide savings bond services: 

--------------------------------------------------------------------------------------------------------------------------------------------------------
                      Servicing office                            Reserve districts served                       Geographic area served                 
--------------------------------------------------------------------------------------------------------------------------------------------------------
Federal Reserve Bank, Buffalo Branch, P.O. Box 961, Buffalo,  New York, Boston................  CT, MA, ME, NH, NJ (northern half), NY (City & State),  
 NY 14240.                                                                                       RI, Vt, Puerto Rico and Virgin Islands.                
Federal Reserve Bank, Pittsburgh Branch, P.O. Box 867,        Cleveland, Philadelphia.........  DE, KY (eastern half), NJ (southern half), OH, PA, WV   
 Pittsburgh, PA 15230.                                                                           (northern panhandle).                                  
Federal Reserve Bank of Richmond, P.O. Box 27622, Richmond,    Richmond, Atlanta..............  AL, DC, FL, LA (southern half), MD, MS (southern half), 
 VA 23261.                                                                                       NC, SC, TN (eastern half), VA, WV (except northern     
                                                                                                 panhandle).                                            
Federal Reserve Bank of Minneapolis, 250 Marquette Avenue,    Minneapolis, Chicago............  IA, IL (northern half), IN (northern half), MN, MT, ND, 
 Minneapolis, MN 55480.                                                                          SD, WI.                                                
Federal Reserve Bank of Kansas City, 925 Grand Avenue,        Dallas, San Francisco, Kansas     AK, AR, AZ, CA, CO, HI, ID, IL (southern half), IN      
 Kansas City, MO 64198.                                        City, St. Louis.                  (southern half), KS, KY (western half), LA (northern   
                                                                                                 half), MO, MS (northern half), NE, NM, NV, OK, OR, TN  
                                                                                                 (western half), TX, WA, WY, UT and GU.                 
--------------------------------------------------------------------------------------------------------------------------------------------------------

    (ii) Until March 1, 1996, other Federal Reserve Offices may 
continue to provide some savings bond services, but such services will 
be phased out over the period prior to that date.


Sec. 315.31  [Amended]

    3. In Sec. 315.31, paragraph (d) is amended by adding 
``designated'' before ``Federal Reserve Bank''.


Sec. 315.35  [Amended]

    4. In Sec. 315.35, paragraph (e) is amended by adding 
``designated'' before ``Federal Reserve Bank''.


Sec. 315.39  [Amended]

    5. In Sec. 315.39, paragraph (b) is amended by adding 
``designated'' before ``Federal Reserve Bank or Branch'' in the two 
places the phrase appears.


Sec. 315.40  [Amended]

    6. In Sec. 315.40, paragraph (a) is amended by adding ``a 
designated'' before ``Federal Reserve Bank''.


Sec. 315.41  [Amended]

    7. Section 315.41 is amended by adding ``designated'' before 
``Federal Reserve Bank or Branch''.


Sec. 315.56  [Amended]

    8. In Sec. 315.56, paragraph (a) is amended by adding 
``designated'' before ``Federal Reserve Bank''.

PART 316--OFFERING OF UNITED STATES SAVINGS BONDS, SERIES E

    1. The authority citation for part 316 continues to read as 
follows:

    Authority: 31 U.S.C. 3105, 5 U.S.C. 301.


Sec. 316.3  [Amended]

    2. Section 316.3, footnote No. 2, is amended by adding 
``designated'' before ``Federal Reserve Bank''.


Sec. 316.6  [Amended]

    3. In Sec. 316.6, paragraph (c) is amended by adding ``designated'' 
before ``Federal Reserve Banks''.


Sec. 316.10  [Amended]

    4. In Sec. 316.10, paragraph (b) is amended by adding ``referred to 
in Sec. 316.12'' immediately following ``a Federal Reserve Bank or 
Branch''.
    5. Section 316.12 is revised to read as follows:


Sec. 316.12  Fiscal agents.

    (a) Federal Reserve Banks and Branches referred to below, as fiscal 
agents of the United States, are authorized to perform such services as 
may be requested of them by the Secretary of the Treasury in connection 
with the redemption and payment of Series E bonds.
    (b)(1) The following Federal Reserve Offices have been designated 
to provide savings bond services: 

--------------------------------------------------------------------------------------------------------------------------------------------------------
                      Servicing office                            Reserve districts served                       Geographic area served                 
--------------------------------------------------------------------------------------------------------------------------------------------------------
Federal Reserve Bank, Buffalo Branch, P.O. Box 961, Buffalo,  New York, Boston................  CT, MA, ME, NH, NJ (northern half), NY (City & State),  
 NY 14240.                                                                                       RI, VT, Puerto Rico and Virgin Islands.                
Federal Reserve Bank, Pittsburgh Branch, P.O. Box 867,        Cleveland, Philadelphia.........  DE, KY (eastern half), NJ (southern half), OH, PA, WV   
 Pittsburgh, PA 15230.                                                                           (northern panhandle).                                  
Federal Reserve Bank of Richmond, P.O. Box 27622, Richmond,   Richmond, Atlanta...............  AL, DC, FL, LA (southern half), MD, MS (southern half), 
 VA 23261.                                                                                       NC, SC, TN (eastern half), VA, WV (except northern     
                                                                                                 panhandle).                                            
Federal Reserve Bank of Minneapolis, 250 Marquette Avenue,    Minneapolis, Chicago............  IA, IL (northern half), IN (northern half), MN, MT, ND, 
 Minneapolis, MN 55480.                                                                          SD, WI.                                                
Federal Reserve Bank of Kansas City, 925 Grand Avenue,        Dallas, San Francisco, Kansas     AK, AR, AZ, CA, CO, HI, ID, IL (southern half), IN      
 Kansas City, MO 64198.                                        City, St. Louis.                  (southern half), KS, KY (western half), LA (northern   
                                                                                                 half), MO, MS (northern half), NE, NM, NV, OK, OR, TN  
                                                                                                 (western half), TX, WA, WY, UT and GU.                 
--------------------------------------------------------------------------------------------------------------------------------------------------------

    (2) Until March 1, 1996, other Federal Reserve Offices may continue 
to provide some savings bond services, such services will be phased out 
over the period prior to that date.

PART 317--REGULATIONS GOVERNING AGENCIES FOR ISSUE OF UNITED STATES 
SAVINGS BONDS

    1. The authority citation for part 317 continues to read as 
follows:

    Authority: 31 U.S.C. 3105, 2 U.S.C. 901, 5 U.S.C. 301.

    2. Section 317.1 is amended as follows:
    A. Paragraph (b) is revised to read as follows:


Sec. 317.1  Definitions

* * * * *
    (b) Federal Reserve Bank refers to the Federal Reserve Bank or 
Branch providing savings bond services to the district in which the 
issuing agent or the applicant organization is located. See Sec. 317.9 
(a).
* * * * *
    B. Paragraph (c), first sentence, is amended by adding 
``designated'' before ``Federal Reserve Bank''.
    3. Section 317.3 is amended as follows:
    A. Paragraph (a) is revised to read as follows:


Sec. 317.3  Procedure for qualifying and serving as issuing agent

    (a) Execution of application agreement. The applicant-organization 
shall obtain from, duly execute, and file with, a designated Federal 
Reserve Bank, an application-agreement form.
    (1) The terms of each application agreement shall include the 
provisions prescribed by section 202 of Executive Order No. 11246, 
entitled ``Equal Employment Opportunity'' (3 CFR, subchapter B, 42 
U.S.C. 2000e note).
    (2) The provisions of the Privacy Act of 1974, as amended (5 U.S.C. 
552a), and regulations issued pursuant thereto (31 CFR part 1, subpart 
C).
* * * * *
    B. Paragraphs (b), and (c) are amended by adding ``designated'' 
before ``Federal Reserve Bank'' in each paragraph.


Sec. 317.5  [Amended]

    4. In Sec. 317.5, paragraphs (a) and (b) are amended by adding 
``designated'' before ``Federal Reserve Bank'' in each paragraph.


Sec. 317.6  [Amended]

    5. In Sec. 317.6, paragraphs (a) and (b) are amended by adding 
``designated'' before ``Federal Reserve Bank'' in all places that it 
appears.


Sec. 317.7  [Amended]

    6. Section 317.7 is amended by removing the word ``a'', before 
``Federal Reserve Bank'' and replacing it with the words ``the 
designated''.


Sec. 317.8  [Amended]

    7. Section 317.8 is amended by adding ``designated'' before 
``Federal Reserve Banks'', in the first sentence.
    8. The appendix to Sec. 317.8 is amended as follows:
    A. Subpart A, paragraph 2 (e) and paragraph 5 are amended by adding 
``designated'' before ``Federal Reserve Bank''.
    B. Subpart B, paragraph 1, is amended by adding ``designated'' 
before ``Federal Reserve Bank''.
    C. Subpart B, paragraph 2 is amended by adding ``designated'' 
before ``Federal Reserve Bank'', at the end of the sentence.
    D. Subpart B, paragraph 3, the introductory paragraph and 
paragraphs (a) and (b), are amended by adding ``designated'' before 
``Federal Reserve Bank'' in where it appears.
    E. Subpart D, paragraph 1, is amended by adding ``designated'' 
before ``Federal Reserve Bank'' at the end of the paragraph.
    F. Subpart D, paragraph 2(b) is amended by adding ``the 
designated'' before ``Federal Reserve Bank'' in the title.
    9. Section 317.9 is amended as follows:
    A. Paragraph (b) is redesignated as paragraph (c) and the word 
``designated'' is added before ``Federal Reserve Banks'', in the 
heading and in the introductory text.
    B. Paragraph (a) is revised and a new paragraph (b) is added to 
read as follows:


Sec. 317.9  Role of Federal Reserve Banks.

    (a) Role as fiscal agents. In their capacity as fiscal agents of 
the United States, the Federal Reserve Banks referred to below are 
authorized to perform such duties, including the issuance of 
instructions and forms, as may be necessary to fulfill the purposes and 
requirements of these regulations.
    (b)(1) The following Federal Reserve Offices have been designated 
to provide savings bond services: 

--------------------------------------------------------------------------------------------------------------------------------------------------------
                      Servicing office                            Reserve districts served                       Geographic area served                 
--------------------------------------------------------------------------------------------------------------------------------------------------------
Federal Reserve Bank, Buffalo Branch, P.O. Box 961, Buffalo,  New York, Boston................  CT, MA, ME, NH, NJ (northern half), NY (City & State),  
 NY 14240.                                                                                       RI, VT, Puerto Rico and Virgin Islands.                
Federal Reserve Bank, Pittsburgh Branch, P.O. Box 867,        Cleveland, Philadelphia.........  DE, KY (eastern half), NJ (southern half), OH, PA, WV   
 Pittsburgh, PA 15230.                                                                           (northern panhandle).                                  
Federal Reserve Bank of Richmond, P.O. Box 27622, Richmond,   Richmond, Atlanta...............  AL, DC, FL, LA (southern half), MD, MS (southern half), 
 VA 23261.                                                                                       NC, SC, TN (eastern half), VA, WV, (except northern    
                                                                                                 panhandle).                                            
Federal Reserve Bank of Minneapolis, 250 Marquette Avenue,    Minneapolis, Chicago............  IA, IL (northern half), IN (northern half), MN, MT, ND, 
 Minneapolis, MN 55480.                                                                          SD, WI.                                                
Federal Reserve Bank of Kansas City, 925 Grand Avenue,        Dallas, San Francisco, Kansas     AK, AR, AZ, CA, CO, HI, ID, IL (southern half), IN      
 Kansas City, MO 64198.                                        City, St. Louis.                  (southern half), KS, KY (western half), LA (northern   
                                                                                                 half), MO, MS (northern half), NE, NM, NV, OK, OR, TN  
                                                                                                 (western half), TX, WA, WY, UT and GU.                 
--------------------------------------------------------------------------------------------------------------------------------------------------------

    (2) Until March 1, 1996, other Federal Reserve Offices may continue 
to provide some savings bond services, but such services will be phased 
out over the period prior to that date.
* * * * *

PART 321--PAYMENTS BY BANKS AND OTHER FINANCIAL INSTITUTIONS OF 
UNITED STATES SAVINGS BONDS AND UNITED STATES SAVINGS NOTES 
(FREEDOM SHARES)

    1. The authority citation for part 321 continues to read as 
follows:

    Authority: 31 U.S.C. 3105, 2 U.S.C. 901, 5 U.S.C. 301.

    2. Section 321.1 is amended as follows:
    A. Paragraph (f) is removed, and paragraphs (d) and (e) are 
redesignated paragraphs (e) and (f) respectively.
    B. A new paragraph (d) is added and redesignated paragraph (f) is 
revised to read as follows:


Sec. 321.1  Definitions.

* * * * *
    (d) Central Site refers to the Federal Reserve Bank of Cleveland, 
Pittsburgh Branch, EZ CLEAR Department.
* * * * *
    (f) Federal Reserve Bank or Branch refers to the Federal Reserve 
Bank to which the agent is instructed to transmit redeemed securities; 
or to which the agent is instructed to forward securities for payment 
or other transactions, and includes parent Banks, Branches and Regional 
Check Processing Centers, as appropriate.
* * * * *
    3. Section 321.2(b) is revised to read as follows:


Sec. 321.2  Eligible organizations.

* * * * *
    (b)(1) An organization that desires to redeem securities must first 
qualify as a paying agent. An organization that has qualified and is 
serving as a paying agent must:
    (i) MICR-encode data on securities accepted for payment,
    (ii) Submit them directly to the Check Department of the 
appropriate Federal Reserve Bank or Branch or the Regional Check 
Processing Center, and
    (iii) Receive payment of fees by ACH, or arrange to obtain one or 
more of these services from another financial institution.
    (2) All presenting institutions, as defined in Sec. 321.1, must 
qualify as savings bond paying agents and enroll in EZ CLEAR.
    4. Section 321.3 is amended as follows:
    A. Paragraph (a), introductory paragraph, is amended by removing 
``with, a Federal Reserve Bank an application-agreement form'' and 
replacing it with ``an application-agreement with the appropriate 
Federal Reserve Office referred to in Sec. 321.25''.
    B. The concluding text of paragraph (a) is amended by removing ``of 
New York'' and replacing it with ``Branch in Buffalo, New York'' and by 
removing ``of San Francisco'' and replacing it with ``Kansas City''.
    C. Paragraph (b) is amended by adding ``referred to in 
Sec. 321.25'' after ``Federal Reserve Bank'', removing ``its 
district,'' and replacing it with ``the Reserve Bank's geographical 
area, as shown in Sec. 321.25,''.
    D. Paragraph (c) is amended by adding ``referred to in 
Sec. 321.25'' after ``a Federal Reserve Bank''.
    E. Paragraph (d) is revised to read as follows:


Sec. 321.3  Procedure for qualifying and serving as paying agent.

* * * * *
    (d) Adverse action. An organization will be notified by the 
appropriate Federal Reserve Bank referred to in Sec. 321.25, in 
writing, if its application-agreement to act as paying agent is not 
approved.


Sec. 321.5  [Amended]

    5. Section 321.5 is amended as follows:
    A. Paragraph (a) is amended by adding ``referred to in 
Sec. 321.25'' after ``a Federal Reserve Bank''.
    B. Paragraph (b) is amended by adding ``referred to in 
Sec. 321.25'' after ``Federal Reserve Bank''.
    6. In Sec. 321.8, paragraph (d) is revised to read as follows:


Sec. 321.8  Redemption-exchange of Series E and EE savings bonds and 
savings notes.

* * * * *
    (d) Completion of transaction. An agent shall transmit for 
settlement via EZ CLEAR securities redeemed on exchange and, at the 
same time, forward the exchange application (PD F 3253) and any 
additional cash needed to complete the transaction, to the Fiscal 
Agency Department of the servicing Federal Reserve Bank referred to in 
Sec. 321.25. Securities redeemed on exchange may be commingled with 
cash redemptions in mixed or separately sorted cash letters.''
* * * * *
    7. In Sec. 321.11, paragraph (f) is revised to read as follows:


Sec. 321.11  Payment.

* * * * *
    (f) Certification of request. An agent is not required to complete 
the certification to the requests for payment on securities it redeems. 
When an agent transmits redeemed securities for settlement, as 
indicated in Sec. 321.14 of this part, such agent shall be understood 
by such submission to have represented and certified that the identity 
of the presenter, and his or her entitlement to request payment, have 
been established in accordance with this part and the appendix hereto.


Sec. 321.13  [Amended]

    8. Section 321.13 is amended as follows:
    A. The first sentence is amended by adding ``appropriate'' after 
``and four-digit code number assigned by the''.
    B. The second sentence is amended by removing the word ``a'' before 
Federal Reserve Bank, at the end of the sentence and replacing it with 
``an appropriate''.
    9. Section 321.14 is revised to read as follows:


Sec. 321.14  Transmittal to and settlement by Federal Reserve Bank.

    In accordance with Federal Reserve Bank instructions, a paying 
agent shall transmit with an EZ CLEAR cash letter securities redeemed 
for cash and on redemption-exchange, either directly or through a 
correspondent institution, to the Check Department of the appropriate 
Bank or Branch, or to a Regional Check Processing Center (RCPC). Upon 
receipt of the securities, the Bank, Branch, or RCPC will arrange for 
immediate settlement with the presenting institution. Such settlement 
shall be made by a credit to the presenting institution's Reserve or 
other clearing account in the total amount paid, as reflected on the 
cash letter, and shall be subject to adjustment via a charge or credit 
to that account if any discrepancy is subsequently discovered.


Sec. 321.20  [Amended]

    10. Section 321.20 is amended by adding ``referred to in 
Sec. 321.25'' after ``any Federal Reserve Bank''.


Sec. 321.22  [Amended]

    11. Section 321.22, first sentence, is amended by adding ``referred 
to in Sec. 321.25'' after ``a Federal Reserve Bank''.


Sec. 321.23  [Amended]

    12. In Sec. 321.23, Paragraph (a) is amended as follows:
    A. The phrase ``referred to in Sec. 321.25'' is added at the end of 
the introductory paragraph after ``available from a Federal Reserve 
Bank''.
    B. Paragraph (a)(1) is removed and paragraphs (a)(2) and (a)(3) are 
redesignated as (a)(1) and (a)(2), respectively.
    13. Section 321.25 is revised to read as follows:


Sec. 321.25  Role of Federal Reserve Banks.

    (a) The Federal Reserve Banks referred to below, as fiscal agents 
of the United States, shall perform such services in connection with 
this part as may be requested by the Secretary of the Treasury, or his 
designee. The Banks are authorized and directed to perform such duties, 
including the issuance of instructions and forms, as may be necessary 
to fulfill the purposes and requirements of these regulations.
    (b)(1) The following Federal Reserve Offices have been designated 
to provide savings bond services: 

--------------------------------------------------------------------------------------------------------------------------------------------------------
                      Servicing office                            Reserve districts served                       Geographic area served                 
--------------------------------------------------------------------------------------------------------------------------------------------------------
Federal Reserve Bank, Buffalo Branch, P.O. Box 961, Buffalo,  New York, Boston................  CT, MA, ME, NH, NJ (northern half), NY (City & State),  
 NY 14240.                                                                                       RI, VT, Puerto Rico and Virgin Islands.                
Federal Reserve Bank, Pittsburgh Branch, P.O. Box 867,        Cleveland, Philadelphia.........  DE, KY (eastern half), NJ (southern half), OH, PA, WV   
 Pittsburgh, PA 15230.                                                                           (northern panhandle).                                  
Federal Reserve Bank of Richmond, P.O. Box 27622, Richmond,   Richmond, Atlanta...............  AL, DC, FL, LA (southern half), MD, MS (southern half), 
 VA 23261.                                                                                       NC, SC, TN (eastern half), VA, WV (except northern     
                                                                                                 panhandle).                                            
Federal Reserve Bank of Minneapolis, 250 Marquette Avenue,    Minneapolis, Chicago............  IA, IL (northern half), IN (northern half), MN, MT, ND, 
 Minneapolis, MN 55480.                                                                          SD, WI.                                                
Federal Reserve Bank of Kansas City, 925 Grand Avenue,        Dallas, San Francisco, Kansas     AK, AR, AZ, CA, CO, HI, ID, IL (southern half), IN      
 Kansas City, MO 64198.                                        City, St. Louis.                  (southern half), KS, KY (western half), LA (northern   
                                                                                                 half), MO, MS (northern half), NE, NM, NV, OK, OR, TN  
                                                                                                 (western half), TX, WA, WY, UT and GU.                 
--------------------------------------------------------------------------------------------------------------------------------------------------------

    (2) Until March 1, 1996, other Federal Reserve Offices may continue 
to provide some savings bond services, but such services will be phased 
out over the period prior to that date.


Appendix to Part 321  [Amended]

    14. The appendix to part 321 is amended as follows:
    A. Paragraph Number 4 is revised to read as follows:
* * * * *
    4. Paying agent code numbers. [Secs. 321.3(b) and 321.13] The 
appropriate Federal Reserve Bank will assign a four-digit code 
number to each agent it qualifies. A separate number will be 
assigned to each branch authorized to redeem and submit redeemed 
securities for its own account to a Federal Reserve Bank or Branch 
or to a Regional Check Processing Center. At the paying agent's 
request, only one four-digit code will be assigned for use by all of 
its branches. The presenting institution's ABA number will be used 
in the adjustment of discrepancies and in the computation and 
payment of fees for securities transmitted in separately sorted cash 
letters.
* * * * *
    B. Paragraph 5 is amended by removing ``the Federal Reserve Bank'', 
and replacing it with ``the appropriate Federal Reserve Bank referred 
to in Sec. 321.25''.
    C. Paragraph 9(a), first sentence, is amended by adding ``referred 
to in Sec. 321.25'' after ``a Federal Reserve Bank''.
    D. Paragraphs 13(a), 13(b), 14(a), 14(b), 14(d), 18, 23(a), 23(d), 
23(e) and 27 are amended by removing ``Federal Reserve Bank'' and 
replacing it with ``the appropriate Federal Reserve Bank referred to in 
Sec. 321.25'', wherever found.
    E. Paragraph 14(e) is revised to read as follows:
* * * * *
    14. * * *
    (e) MICR-encoding of payment information. [Sec. 321.13] An agent 
shall MICR-encode the redemption value in the ``Amount'' field on 
the face of each security or arrange to have this service performed 
by another financial institution. If the agent transmits securities 
in mixed cash letters, it must also MICR-encode the routing/transit 
number assigned to the Bureau of the Public Debt's savings bond 
activity in the ``R/T'' field on the face of all pre-October 1957 
paper securities and those punch card securities on which it does 
not already appear. The Bureau's routing/transit number is 
000090007. Care should be taken in repairing MICR-encoded items so 
as not to obliterate any data in surrounding MICR fields or 
elsewhere on the face of the security.
* * * * *
    F. Paragraph 15 is revised to read as follows:
* * * * *
    15. Transmittal of securities to Federal Reserve Bank. 
[Sec. 321.14] An agent shall transmit and receive settlement for 
redeemed securities via EZ CLEAR, i.e., the Check Department of a 
Federal Reserve Bank or Branch, or the Regional Check Processing 
Center. Redeemed securities may be transmitted in separately sorted 
or mixed cash letters to the Check Department of a Federal Reserve 
Bank or Branch, or to a Regional Check Processing Center, either 
directly, or via a parent office or correspondent institution. An 
agent shall transmit redeemed securities under cover of the 
appropriate transmittal document. Securities redeemed in exchange 
for Series HH bonds must be transmitted for settlement via EZ CLEAR 
at the same time as the exchange application (PD F 3253) and any 
additional cash needed to complete the transaction are forwarded to 
the Fiscal Agency Department of the servicing Federal Reserve Bank 
referred to in Sec. 321.25. Securities redeemed on exchange may be 
commingled with cash redemptions in mixed or separately sorted cash 
letters.''
* * * * *
    G. Paragraph 16 is revised to read as follows:
* * * * *
    16. Transmittal of securities to Federal Reserve Bank via fiscal 
agency system. [Sec. 321.14] The Fiscal Agency Department of a 
Federal Reserve Bank or Branch will not accept for settlement 
securities an agent has redeemed.''
* * * * *
    H. Paragraph 17(e)(2) is revised and new paragraphs (e)(3),(4) and 
(5) are added to read as follows:

    17. Transmittal of securities to Federal Reserve Bank via EZ 
CLEAR. [Sec. 321.14]
    (e) * * *
    (2) Audit and adjustment [Sec. 321.14] The Bureau of the Public 
Debt will audit all redemption data received from the Central Site 
as promptly as possible. Each presenting institution will, in due 
course, be notified by the Bank of any adjustments required. The 
Bank will adjust via a charge or credit to the presenting 
institution's Reserve or clearing account any amounts previously 
credited to that account.
    (3) Requests for Adjustments. Depositors who discover errors in 
their EZ CLEAR cash letters subsequent to deposit should allow sixty 
(60) calendar days from the date of their EZ CLEAR cash letter 
before requesting adjustments for the cash letter. This will allow 
sufficient time for the Treasury to classify the savings bonds, 
forward adjustments to the Central Site and for the Central Site to 
research and function adjustments to the depositor.
    (4) Separately Sorting Depositors should submit adjustment 
requests directly to the Central Site Adjustments Department in 
correspondence. However, all requests for adjustments due to 
incorrect cash letter crediting should be directed to the servicing 
Federal Reserve Bank.
    (5) Mixed Depositors should submit adjustment requests to their 
servicing Federal Reserve Bank.
* * * * *
    I. Paragraph 18 is revised to read as follows:
* * * * *
    18. Record of securities paid. [Secs. 321.14 and 321.24] A 
record of the serial number and the amount paid for each redeemed 
security must be retained by the agent for one year so that 
settlement can be made if the security is lost in transit, and so 
that the agent can process any subsequent adjustment as described in 
paragraph 17(e)(2) above. For that purpose, agents are authorized to 
microfilm the face and back of each security they redeem. Such film 
records shall be kept confidential and prints therefrom may be made 
only with the permission of the Bureau of the Public Debt or an 
appropriate Federal Reserve Bank.
* * * * *
    J. Paragraph 24 is amended as follows:
    A. Paragraph (a) is removed.
    B. The title and designation ``(b) EZ CLEAR transmittals. 
[Sec. 321.23]'' are removed from current paragraph (b); the beginning 
of the sentence is amended by removing ``by the Federal Reserve Bank'' 
after ``Fees will be paid''; and, the second sentence is amended by 
adding ``Federal Reserve'' after ``No fees will be paid for securities 
received by the''.
    K. Paragraph 25 is revised to read as follows:
* * * * *
    25. Claims on account of lost securities [Sec. 321.24] If a 
security redeemed by an agent is lost, stolen, or destroyed while in 
the custody of the agent, or in transit prior to settlement or 
audit, relief will be considered, provided the security can be 
identified by serial number. [See paragraph 18 of this appendix 
regarding the maintenance of records of redeemed securities]. The 
presenting institution should resubmit a photocopy of the security 
to obtain settlement in accordance with established procedures. 
Questions concerning the established procedures should be referred 
to the servicing Federal Reserve Bank.
* * * * *

PART 330--REGULATIONS GOVERNING PAYMENT UNDER SPECIAL ENDORSEMENT 
OF UNITED STATES SAVINGS BONDS AND UNITED STATES SAVINGS NOTES 
(FREEDOM SHARES)

    1. The authority citation for part 330 is revised to read as 
follows:

    Authority: 31 U.S.C. 3105 and 5 U.S.C. 301.

    2. Section 330.1 is amended as follows:
    A. Paragraph (a) is revised to read as follows:


Sec. 330.1  Definition of terms.

* * * * *
    (a) Federal Reserve Bank or Bank refers to the Federal Reserve Bank 
providing savings bond services to the district in which a paying agent 
is located. See Sec. 330.9.
* * * * *
    B. Paragraph (c) is amended by removing ``account directly to a 
Federal Reserve Bank'' and replacing it with ``are themselves directly 
accountable for such redemptions''.
    C. Paragraph (i) is amended by adding ``designated'' before 
``Federal Reserve Bank''.


Sec. 330.2  [Amended]

    3. In Sec. 330.2, paragraphs (a) and (c) are amended by adding 
``designated'' before ``Federal Reserve Bank'', each time it appears.


Sec. 330.3  [Amended]

    4. In Sec. 330.3, paragraphs (a) and (b) are amended by adding 
``designated'' before ``Federal Reserve Bank'', each time it appears.


Sec. 330.4  [Amended]

    5. Section 330.4 is amended by adding ``designated'' before 
``Federal Reserve Bank'', in the introductory paragraph.


Sec. 330.6  [Amended]

    6. In Sec. 330.6, paragraph (c) is amended by adding ``designated'' 
before ``Federal Reserve Bank''.
    7. Section 330.7 is amended by revising the last two sentences to 
read as follows:


Sec. 330.7  Payment or redemption-exchange by agent.

* * * * *
    Securities so paid should be combined with other securities paid 
under that Circular and presented for settlement through EZ CLEAR. 
Securities redeemed by an agent in an exchange must be presented for 
settlement through EZ CLEAR separately from, but at the same times as, 
an exchange subscription and any remittance are forwarded to the Fiscal 
Agency Department of the appropriate Federal Reserve Bank.


Sec. 330.8  [Amended]

    8. Section 330.8 is amended by adding ``designated'' before 
``Federal Reserve Bank'', at the end of the first sentence.
    9. Section 330.9 is revised to read as follows:


Sec. 330.9  Fiscal agents.

    (a) The Federal Reserve Banks referred to below, as fiscal agents 
of the United States, are authorized to perform such services as may be 
requested by the Secretary of the Treasury, or his or her delegate, in 
connection with this part.
    (b)(1) The following Federal Reserve Offices have been designated 
to provide savings bond services: 

--------------------------------------------------------------------------------------------------------------------------------------------------------
                      Servicing office                            Reserve districts served                       Geographic area served                 
--------------------------------------------------------------------------------------------------------------------------------------------------------
Federal Reserve Bank, Buffalo Branch, P.O. Box 961, Buffalo,  New York, Boston................  CT, MA, ME, NH, NJ (northern half), NY (City & State),  
 NY 14240.                                                                                       RI, VT, Puerto Rico and Virgin Islands.                
Federal Reserve Bank, Pittsburgh Branch, P.O. Box 867,        Cleveland, Philadelphia.........  DE, KY (eastern half), NJ (southern half), OH, PA, WV   
 Pittsburgh, PA 15230.                                                                           (northern panhandle).                                  
Federal Reserve Bank of Richmond, P.O. Box 27622, Richmond,   Richmond, Atlanta...............  AL, DC, FL, LA (southern half), MD, MS (southern half), 
 VA 23261.                                                                                       NC, SC, TN (eastern half), VA, WV (except northern     
                                                                                                 panhandle).                                            
Federal Reserve Bank of Minneapolis, 250 Marquette Avenue,    Minneapolis, Chicago............  IA, IL (northern half), IN (northern half), MN, MT, ND, 
 Minneapolis, MN 55480.                                                                          SD, WI.                                                
Federal Reserve Bank of Kansas City, 925 Grand Avenue,        Dallas, San Francisco, Kansas     AK, AR, AZ, CA, CO, HI, ID, IL (southern half), IN      
 Kansas City, MO 64198.                                        City, St. Louis.                  (southern half), KS, KY (western half), LA (northern   
                                                                                                 half), MO, MS (northern half), NE, NM, NV, OK, OR, TN  
                                                                                                 (western half), TX, WA, WY, UT and GU.                 
--------------------------------------------------------------------------------------------------------------------------------------------------------

    (2) Until March 1, 1996, other Federal Reserve Offices may continue 
to provide some savings bond services, but such services will be phased 
out over the period prior to that date.

PART 332--OFFERING OF UNITED STATES SAVINGS BONDS, SERIES H

    1. The authority citation for part 332 continues to read as 
follows:

    Authority: 31 U.S.C. 3105, 5 U.S.C. 301.


Sec. 332.10  [Amended]

    2. Section 332.10 is amended by adding ``referred to in 
Sec. 332.12'' immediately after ``a Federal Reserve Bank or Branch''.
    3. Section 332.12 is revised to read as follows:


Sec. 332.12  Fiscal agents.

    (a) Federal Reserve Banks and Branches referred to below, as fiscal 
agents of the United States, are authorized to perform such services as 
may be requested of them by the Secretary of the Treasury, or his or 
her delegate, in connection with the reissue, redemption and payment of 
Series H bonds.
    (b)(1) The following Federal Reserve Offices have been designated 
to provide savings bond services: 

--------------------------------------------------------------------------------------------------------------------------------------------------------
                      Servicing office                            Reserve districts served                       Geographic area served                 
--------------------------------------------------------------------------------------------------------------------------------------------------------
Federal Reserve Bank, Buffalo Branch, P.O. Box 961, Buffalo,  New York, Boston................  CT, MA, ME, NH, NJ (northern half), NY (City & State),  
 NY 14240.                                                                                       RI, VT, Puerto Rico and Virgin Islands.                
Federal Reserve Bank, Pittsburgh Branch, P.O. Box 867,        Cleveland, Philadelphia.........  DE, KY, (eastern half), NJ (southern half), OH, PA, WV  
 Pittsburgh, PA 15230.                                                                           (northern panhandle).                                  
Federal Reserve Bank of Richmond, P.O. Box 27622, Richmond,   Richmond, Atlanta...............  AL, DC, FL, LA (southern half), MD, MS (southern half), 
 VA 23261.                                                                                       NC, SC, TN (eastern half), VA, WV (except northern     
                                                                                                 panhandle).                                            
Federal Reserve Bank of Minneapolis, 250 Marquette Avenue,    Minneapolis, Chicago............  IA, IL (northern half), IN (northern half), MN, MT, ND, 
 Minneapolis, MN 55480.                                                                          SD, WI.                                                
Federal Reserve Bank of Kansas City, 925 Grand Avenue,        Dallas, San Francisco, Kansas     AK, AR, AZ, CA, CO, HI, ID, IL (southern half), IN      
 Kansas City, MO 64198.                                        City, St. Louis.                  (southern half), KS, KY (western half), LA (northern   
                                                                                                 half), MO, MS (northern half), NE, NM, NV, OK, OR, TN  
                                                                                                 (western half), TX, WA, WY, UT and GU.                 
--------------------------------------------------------------------------------------------------------------------------------------------------------

    (2) Until March 1, 1996, other Federal Reserve Offices may continue 
to provide some savings bond services, but such services will be phased 
out over the period prior to that date.

PART 342--OFFERING OF UNITED STATES SAVINGS NOTES

    1. The authority citation for part 342 continues to read as 
follows:

    Authority: 31 U.S.C. 3105, 5 U.S.C. 301.


Sec. 342.7  [Amended]

    2. In Sec. 342.7, paragraph (a) is amended by adding the phrase 
``referred to in Sec. 342.9'', immediately following ``any Federal 
Reserve Bank or Branch''.
    3. Section 342.9 is revised to read as follows:


Sec. 342.9  Fiscal agents.

    (a) Federal Reserve Banks and Branches referred to below, as fiscal 
agents of the United States, are authorized to perform such services as 
may be requested of them by the Secretary of the Treasury, or his or 
her delegate, in connection with the issue, redemption and payment of 
savings notes.
    (b)(1) The following Federal Reserve Offices have been designated 
to provide savings bond services: 

--------------------------------------------------------------------------------------------------------------------------------------------------------
                      Servicing office                            Reserve districts served                       Geographic area served                 
--------------------------------------------------------------------------------------------------------------------------------------------------------
Federal Reserve Bank, Buffalo Branch, P.O. Box 961, Buffalo,  New York, Boston................  CT, MA, ME, NH, NJ (northern half), NY (City & State),  
 NY 14240.                                                                                       RI, VT, Puerto Rico and Virgin Islands.                
Federal Reserve Bank, Pittsburgh Branch, P.O. Box 867,        Cleveland, Philadelphia.........  DE, KY (eastern half), NJ (southern half), OH, PA, WV   
 Pittsburgh, PA 15230.                                                                           (northern panhandle).                                  
Federal Reserve Bank of Richmond, P.O. Box 27622, Richmond,   Richmond, Atlanta...............  AL, DC, FL, LA (southern half), MD, MS (southern half), 
 VA 23261.                                                                                       NC, SC, TN (eastern half), VA, WV (except northern     
                                                                                                 panhandle).                                            
Federal Reserve Bank of Minneapolis, 250 Marquette Avenue,    Minneapolis, Chicago............  IA, IL (northern half), IN (northern half), MN, MT, ND, 
 Minneapolis, MN 55480.                                                                          SD, WI.                                                
Federal Reserve Bank of Kansas City, 925 Grand Avenue,        Dallas, San Francisco, Kansas     AK, AR, AZ, CA, CO, HI, ID, IL (southern half), IN      
 Kansas City, MO 64198.                                        City, St. Louis.                  (southern half), KS, KY (western half), LA (northern   
                                                                                                 half), MO, MS (northern half), NE, NM, NV, OK, OR, TN  
                                                                                                 (western half), TX, WA, WY, UT and GU.                 
--------------------------------------------------------------------------------------------------------------------------------------------------------

    (2) Until March 1, 1996, other Federal Reserve Offices may continue 
to provide some savings bond services, but such services will be phased 
out over the period prior to that date.

PART 351--OFFERING OF UNITED STATES SAVINGS BONDS, SERIES EE

    1. The authority citation for part 351 continues to read as 
follows:

    Authority: 31 U.S.C. 3105, 5 U.S.C. 301.


Sec. 351.5  [Amended]

    2. In Sec. 351.5, paragraph (b)(1) is amended by adding ``(see 
Sec. 351.12)'' after ``Federal Reserve Banks''.


Sec. 351.7  [Amended]

    3. Section 351.7, paragraph (b) is amended by adding the phrase 
``referred to in Sec. 351.12'', immediately following ``A Federal 
Reserve Bank or Branch''.
    4. Section 351.12 is revised to read as follows:


Sec. 351.12  Fiscal agents.

    (a) Federal Reserve Banks and Branches referred to below, as fiscal 
agents of the United States, are authorized to perform such services as 
may be requested of them by the Secretary of the Treasury, or his or 
her delegate, in connection with the issue, servicing and redemption of 
Series EE bonds.
    (b)(1) The following Federal Reserve Offices have been designated 
to provide savings bond services:

--------------------------------------------------------------------------------------------------------------------------------------------------------
                      Servicing office                            Reserve districts served                       Geographic area served                 
--------------------------------------------------------------------------------------------------------------------------------------------------------
Federal Reserve Bank, Buffalo Branch, P.O. Box 961, Buffalo,  New York, Boston................  CT, MA, ME, NH, NJ (northern half), NY (City & State),  
 NY 14240.                                                                                       RI, VT, Puerto Rico and Virgin Islands.                
Federal Reserve Bank, Pittsburgh Branch, P.O. Box 867,        Cleveland, Philadelphia.........  DE, KY, (eastern half), NJ (southern half), OH, PA, WV  
 Pittsburgh, PA 15230.                                                                           (northern panhandle).                                  
Federal Reserve Bank of Richmond, P.O. Box 27622, Richmond,   Richmond, Atlanta...............  AL, DC, FL, LA (southern half), MD, MS (southern half), 
 VA 23261.                                                                                       NC, SC, TN (eastern half), VA, WV (except northern     
                                                                                                 panhandle).                                            
Federal Reserve Bank of Minneapolis, 250 Marquette Avenue,    Minneapolis, Chicago............  IA, IL (northern half), IN (northern half), MN, MT, ND, 
 Minneapolis, MN 55480.                                                                          SD, WI.                                                
Federal Reserve Bank of Kansas City, 925 Grand Avenue,        Dallas, San Francisco, Kansas     AK, AR, AZ, CA, CO, HI, ID, IL (southern half), IN      
 Kansas City, MO 64198.                                        City, St. Louis.                  (southern half), KS, KY (western half), LA (northern   
                                                                                                 half), MO, MS (northern half), NE, NM, NV, OK, OR, TN  
                                                                                                 (western half), TX, WA, WY, UT and GU.                 
--------------------------------------------------------------------------------------------------------------------------------------------------------

    (2) Until March 1, 1996, other Federal Reserve Offices may continue 
to provide some savings bond services, but such services will be phased 
out over the period prior to that date.

PART 352--OFFERING OF UNITED STATES SAVINGS BONDS, SERIES HH

    1. The authority citation for part 352 continues to read as 
follows:

    Authority: 31 U.S.C. 3105, 5 U.S.C. 301.


Sec. 352.2  [Amended]

    2. In Sec. 352.2, paragraph (h) is amended by adding ``designated'' 
before ``Federal Reserve Banks''.


Sec. 352.5  [Amended]

    3. Section 352.5 is amended by adding ``(see Sec. 352.13)'' after 
``Federal Reserve Banks''.


Sec. 352.7  [Amended]

    4. Section 352.7 is amended as follows:
    A. Paragraph (b) is amended by adding ``referred to in 
Sec. 351.13'' immediately following ``a Federal Reserve Bank''.
    B. Paragraph (c) is amended by adding ``referred to in 
Sec. 351.13'' immediately following ``a Federal Reserve Bank''.
    5. Section 352.13 is revised to read as follows:


Sec. 352.13  Fiscal Agents.

    (a) Federal Reserve Banks and Branches, referred to below, as 
fiscal agents of the United States, are authorized to perform such 
services as may be requested of them by the Secretary of the Treasury, 
or his or her delegate, in connection with the issue, servicing, and 
redemption of Series HH bonds.
    (b)(1) The following Federal Reserve Offices have been designated 
to provide savings bond services:

--------------------------------------------------------------------------------------------------------------------------------------------------------
                      Servicing office                            Reserve districts served                       Geographic area served                 
--------------------------------------------------------------------------------------------------------------------------------------------------------
Federal Reserve Bank, Buffalo Branch, P.O. Box 961, Buffalo,  New York, Boston................  CT, MA, ME, NH, NJ (northern half), NY (City & State),  
 NY 14240.                                                                                       RI, VT, Puerto Rico and Virgin Islands.                
Federal Reserve Bank, Pittsburgh Branch, P.O. Box 867,        Cleveland, Philadelphia.........  DE, KY (eastern half), NJ (southern half), OH, PA, WV   
 Pittsburgh, PA 15230.                                                                           (northern panhandle).                                  
Federal Reserve Bank of Richmond, P.O. Box 27622, Richmond,   Richmond, Atlanta...............  AL, DC, FL, LA (southern half), MD, MS (southern half), 
 VA 23261.                                                                                       NC, SC, TN (eastern half), VA, WV (except northern     
                                                                                                 panhandle).                                            
Federal Reserve Bank of Minneapolis, 250 Marquette Avenue,    Minneapolis, Chicago............  IA, IL (northern half), IN (northern half), MN, MT, ND, 
 Minneapolis, MN 55480.                                                                          SD, WI.                                                
Federal Reserve Bank of Kansas City, 925 Grand Avenue,        Dallas, San Francisco, Kansas     AK, AR, AZ, CA, CO, HI, ID, IL (southern half), IN      
 Kansas City, MO 64198.                                        City, St. Louis.                  (southern half), KS, KY (western half), LA (northern   
                                                                                                 half), MO, MS (northern half), NE, NM, NV, OK, OR, TN  
                                                                                                 (western half), TX, WA, WY, UT and GU.                 
--------------------------------------------------------------------------------------------------------------------------------------------------------

    (2) Until March 1, 1996, other Federal Reserve Offices may continue 
to provide some savings bond services, but such services will be phased 
out over the period prior to that date.

PART 353--REGULATIONS GOVERNING U.S. SAVINGS BONDS, SERIES EE & HH

    1. The authority citation for part 353 continues to read as 
follows:

    Authority: 31 U.S.C. 3105, 5 U.S.C. 301.

    2. Section 353.1 is amended as follows:
    A. Paragraph (a) is amended by adding ``in the list in paragraph 
(b) of this section'' after ``Federal Reserve Banks and Branches''.
    B. Paragraph (b) is revised to read as follows:


Sec. 353.1  Official agencies.

* * * * *
    (b) Communications concerning transactions and requests for forms 
should be addressed to:
    (1) A Federal Reserve Bank or Branch in the list below; the Bureau 
of the Public Debt, 200 Third Street, Parkersburg, WV 26101; or the 
Bureau of the Public Debt, Washington, DC 20226.
    (2)(i) The following Federal Reserve Offices have been designated 
to provide savings bond services:

--------------------------------------------------------------------------------------------------------------------------------------------------------
                      Servicing office                            Reserve districts served                       Geographic area served                 
--------------------------------------------------------------------------------------------------------------------------------------------------------
Federal Reserve Bank, Buffalo Branch, P.O. Box 961, Buffalo,  New York, Boston................  CT, MA, ME, NH, NJ (northern half), NY (City & State),  
 NY 14240.                                                                                       RI, VT, Puerto Rico and Virgin Islands.                
Federal Reserve Bank, Pittsburgh Branch, P.O. Box 867,        Cleveland, Philadelphia.........  DE, KY (eastern half), NJ (southern half), OH, PA, WV   
 Pittsburgh, PA 15230.                                                                           (northern panhandle).                                  
Federal Reserve Bank of Richmond, P.O. Box 27622, Richmond,   Richmond, Atlanta...............  AL, DC, FL, LA (southern half), MD, MS (southern half), 
 VA 23261.                                                                                       NC, SC, TN (eastern half), VA, WV (except northern     
                                                                                                 panhandle).                                            
Federal Reserve Bank of Minneapolis, 250 Marquette Avenue,    Minneapolis, Chicago............  IA, IL (northern half), IN (northern half), MN, MT, ND, 
 Minneapolis, MN 55480.                                                                          SD, WI.                                                
Federal Reserve Bank of Kansas City, 925 Grand Avenue,        Dallas, San Francisco, Kansas     AK, AR, AZ, CA, CO, HI, ID, IL (southern half), IN      
 Kansas City, MO 64198.                                        City, St. Louis.                  (southern half), KS, KY (western half), LA (northern   
                                                                                                 half), MO, NE, NM, NV, OK, OR, TN (western half), TX,  
                                                                                                 WA, WY, UT and GU.                                     
--------------------------------------------------------------------------------------------------------------------------------------------------------

    (ii) Until March 1, 1996, other Federal Reserve Offices may 
continue to provide some savings bond services, but such services will 
be phased out over the period prior to that date.
* * * * *


Sec. 353.13  [Amended]

    3. In Sec. 353.13, paragraph (d), the introductory paragraph, is 
amended by adding ``designated'' before ``Federal Reserve Bank'', and 
removing ``of the district'' and replacing it with ``or Branch''.


Sec. 353.31  [Amended]

    4. In Sec. 353.31, paragraph (d) is amended by adding 
``designated'' before ``Federal Reserve Bank''.


Sec. 353.35  [Amended]

    5. In Sec. 353.35, paragraph (c) is amended by adding 
``designated'' before ``Federal Reserve Bank or Branch''.


Sec. 353.39  [Amended]

    6. In Sec. 353.39, paragraph (b) is amended by adding 
``designated'' before ``Federal Reserve Bank or Branch'' in the two 
places the phrase appears.


Sec. 353.40  [Amended]

    7. In Sec. 353.40, paragraph (a) is amended by adding ``a 
designated'' before ``Federal Reserve Bank''.


Sec. 353.41  [Amended]

    8. Section 353.41 is amended by adding ``designated'' before 
``Federal Reserve Bank or Branch''.

[FR Doc. 94-4831 Filed 3-3-94; 8:45 am]
BILLING CODE 4810-40-P