[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:
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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