[Federal Register Volume 73, Number 159 (Friday, August 15, 2008)]
[Rules and Regulations]
[Pages 47817-47818]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-18850]
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Rules and Regulations
Federal Register
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This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
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Federal Register / Vol. 73, No. 159 / Friday, August 15, 2008 / Rules
and Regulations
[[Page 47817]]
FEDERAL RESERVE SYSTEM
12 CFR Part 229
[Regulation CC; Docket No. R-1324]
Availability of Funds and Collection of Checks
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule; technical amendment.
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SUMMARY: The Board of Governors (Board) is amending appendix A of
Regulation CC to delete the reference to the Cincinnati branch office
of the Federal Reserve Bank of Cleveland and to reassign the Federal
Reserve routing symbols currently listed under that office to the head
office of the Federal Reserve Bank of Cleveland. These amendments
reflect the restructuring of check-processing operations within the
Federal Reserve System.
DATES: The final rule will become effective on October 18, 2008.
FOR FURTHER INFORMATION CONTACT: Jeffrey S. H. Yeganeh, Financial
Services Manager (202/728-5801), or Joseph P. Baressi, Financial
Services Project Leader (202/452-3959), Division of Reserve Bank
Operations and Payment Systems; or Sophia H. Allison, Senior Counsel
(202/452-3565), Legal Division. For users of Telecommunications Devices
for the Deaf (TDD) only, contact 202/263-4869.
SUPPLEMENTARY INFORMATION: Regulation CC establishes the maximum period
a depositary bank may wait between receiving a deposit and making the
deposited funds available for withdrawal.\1\ A depositary bank
generally must provide faster availability for funds deposited by a
``local check'' than by a ``nonlocal check.'' A check is considered
local if it is payable by or at or through a bank located in the same
Federal Reserve check-processing region as the depositary bank.
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\1\ For purposes of Regulation CC, the term ``bank'' refers to
any depository institution, including commercial banks, savings
institutions, and credit unions.
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Appendix A to Regulation CC contains a routing number guide that
assists banks in identifying local and nonlocal banks and thereby
determining the maximum permissible hold periods for most deposited
checks. The appendix includes a list of each Federal Reserve check-
processing office and the first four digits of the routing number,
known as the Federal Reserve routing symbol, of each bank that is
served by that office for check-processing purposes. Banks whose
Federal Reserve routing symbols are grouped under the same office are
in the same check-processing region and thus are local to one another.
On October 18, 2008, the Reserve Banks will transfer the check-
processing operations of the Cincinnati branch office of the Federal
Reserve Bank of Cleveland to the head office of the Federal Reserve
Bank of Cleveland. As a result of this change, some checks that are
drawn on and deposited at banks located in the Cincinnati and Cleveland
check-processing regions and that currently are nonlocal checks will
become local checks subject to faster availability schedules. To assist
banks in identifying local and nonlocal checks and making funds
availability decisions, the Board is amending the list of routing
symbols in appendix A associated with the Federal Reserve Bank of
Cleveland to reflect the transfer of check-processing operations from
the Cincinnati branch office to the head office of the Federal Reserve
Bank of Cleveland. To coincide with the effective date of the
underlying check-processing changes, the amendments to appendix A are
effective October 18, 2008. The Board is providing notice of the
amendments at this time to give affected banks ample time to make any
needed processing changes. Early notice also will enable affected banks
to amend their availability schedules and related disclosures if
necessary and provide their customers with notice of these changes.\2\
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\2\ Section 229.18(e) of Regulation CC requires that banks
notify account holders who are consumers within 30 days after
implementing a change that improves the availability of funds.
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Administrative Procedure Act
The Board has not followed the provisions of 5 U.S.C. 553(b)
relating to notice and public participation in connection with the
adoption of the final rule. The revisions to appendix A are technical
in nature and are required by the statutory and regulatory definitions
of ``check-processing region.'' Because there is no substantive change
on which to seek public input, the Board has determined that the Sec.
553(b) notice and comment procedures are unnecessary. In addition, the
underlying consolidation of Federal Reserve Bank check-processing
offices involves a matter relating to agency management, which is
exempt from notice and comment procedures.
Paperwork Reduction Act
In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C.
3506; 5 CFR 1320 Appendix A.1), the Board has reviewed the final rule
under authority delegated to the Board by the Office of Management and
Budget. The technical amendment to appendix A of Regulation CC will
delete the reference to the Cincinnati branch office of the Federal
Reserve Bank of Cleveland and reassign the routing symbols listed under
that office to the head office of the Federal Reserve Bank of
Cleveland. The depository institutions that are located in the affected
check-processing regions and that include the routing numbers in their
disclosure statements would be required to notify customers of the
resulting change in availability under Sec. 229.18(e). However, all
paperwork collection procedures associated with Regulation CC already
are in place, and the Board accordingly anticipates that no additional
burden will be imposed as a result of this rulemaking.
List of Subjects in 12 CFR Part 229
Banks, Banking, Reporting and recordkeeping requirements.
Authority and Issuance
0
For the reasons set forth in the preamble, the Board is amending 12 CFR
part 229 to read as follows:
PART 229--AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS
(REGULATION CC)
0
1. The authority citation for part 229 continues to read as follows:
[[Page 47818]]
Authority: 12 U.S.C. 4001-4010, 12 U.S.C. 5001-5018.
0
2. The Fourth District routing symbol list in appendix A is revised to
read as follows:
Appendix A to Part 229--Routing Number Guide to Next-Day Availability
Checks and Local Checks
* * * * *
Fourth Federal Reserve District
[Federal Reserve Bank of Cleveland]
Head Office
0220 2220
0223 2223
0410 2410
0412 2412
0420 2420
0421 2421
0422 2422
0423 2423
0430 2430
0432 2432
0433 2433
0434 2434
0440 2440
0441 2441
0442 2442
0515 2515
0519 2519
0720 2720
0724 2724
0740 2740
0749 2749
0813 2813
0830 2830
0839 2839
0863 2863
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By order of the Board of Governors of the Federal Reserve
System, acting through the Secretary of the Board under delegated
authority, August 11, 2008.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E8-18850 Filed 8-14-08; 8:45 am]
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