[Federal Register Volume 73, Number 245 (Friday, December 19, 2008)]
[Rules and Regulations]
[Pages 77491-77492]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-30085]


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FEDERAL RESERVE SYSTEM

12 CFR Part 229

[Regulation CC; Docket No. R-1344]


Availability of Funds and Collection of Checks

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule; technical amendment.

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SUMMARY: The Board of Governors (Board) is amending the routing number 
guide to next-day availability checks and local checks in Regulation CC 
to delete the reference to the head office of the Federal Reserve Bank 
of St. Louis and to reassign the Federal Reserve routing symbols 
currently listed under that office to the head office of the Federal 
Reserve Bank of Atlanta. These amendments reflect the restructuring of 
check-processing operations within the Federal Reserve System.

DATES: The final rule will become effective on February 21, 2009.

FOR FURTHER INFORMATION CONTACT: Jeffrey S. H. Yeganeh, Financial 
Services Manager (202/728-5801), or Joseph P. Baressi, Financial 
Services Project Leader (202/452-3959), Division of Reserve Bank 
Operations and Payment Systems; or Sophia H. Allison, Senior Counsel 
(202/452-3565), Legal Division. For users of Telecommunications Devices 
for the Deaf (TDD) only, contact 202/263-4869.

SUPPLEMENTARY INFORMATION: Regulation CC establishes the maximum period 
a depositary bank may wait between receiving a deposit and making the 
deposited funds available for withdrawal.\1\ A depositary bank 
generally must provide faster availability for funds deposited by a 
``local check'' than by a ``nonlocal check.'' A check is considered 
local if it is payable by or at or through a bank located in the same 
Federal Reserve check-processing region as the depositary bank.
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    \1\ For purposes of Regulation CC, the term ``bank'' refers to 
any depository institution, including commercial banks, savings 
institutions, and credit unions.
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    Appendix A to Regulation CC contains a routing number guide that 
assists banks in identifying local and nonlocal banks and thereby 
determining the maximum permissible hold periods for most deposited 
checks. The appendix includes a list of each Federal Reserve check-
processing office and the first four digits of the routing number, 
known as the Federal Reserve routing symbol, of each bank that is 
served by that office for check-processing purposes. Banks whose 
Federal Reserve routing symbols are grouped under the same office are 
in the same check-processing region and thus are local to one another.
    On February 21, 2009, the Reserve Banks will transfer the check-
processing operations of the head office of the Federal Reserve Bank of 
St. Louis to the head office of the Federal Reserve Bank of Atlanta. As 
a result of this change, some checks that are drawn on and deposited at 
banks located in the St. Louis and Atlanta check-processing regions and 
that currently are nonlocal checks will become local checks subject to 
faster availability schedules. To assist banks in identifying local and 
nonlocal checks and making funds availability decisions, the Board is 
amending the list of routing symbols in appendix A associated with the 
Federal Reserve Banks of St. Louis and Atlanta to reflect the transfer 
of check-processing operations from the head office of the

[[Page 77492]]

Federal Reserve Bank of St. Louis to the head office of the Federal 
Reserve Bank of Atlanta. To coincide with the effective date of the 
underlying check-processing changes, the amendments to appendix A are 
effective February 21, 2009. The Board is providing notice of the 
amendments at this time to give affected banks ample time to make any 
needed processing changes. Early notice also will enable affected banks 
to amend their availability schedules and related disclosures if 
necessary and provide their customers with notice of these changes.\2\
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    \2\ Section 229.18(e) of Regulation CC requires that banks 
notify account holders who are consumers within 30 days after 
implementing a change that improves the availability of funds.
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Administrative Procedure Act

    The Board has not followed the provisions of 5 U.S.C. 553(b) 
relating to notice and public participation in connection with the 
adoption of the final rule. The revisions to appendix A are technical 
in nature and are required by the statutory and regulatory definitions 
of ``check-processing region.'' Because there is no substantive change 
on which to seek public input, the Board has determined that the Sec.  
553(b) notice and comment procedures are unnecessary. In addition, the 
underlying consolidation of Federal Reserve Bank check-processing 
offices involves a matter relating to agency management, which is 
exempt from notice and comment procedures.

Paperwork Reduction Act

    In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 
3506; 5 CFR 1320 Appendix A.1), the Board has reviewed the final rule 
under authority delegated to the Board by the Office of Management and 
Budget. The technical amendment to appendix A of Regulation CC will 
delete the reference to the head office of the Federal Reserve Bank of 
St. Louis and reassign the routing symbols listed under that office to 
the head office of the Federal Reserve Bank of Atlanta. The depository 
institutions that are located in the affected check-processing regions 
and that include the routing numbers in their disclosure statements 
would be required to notify customers of the resulting change in 
availability under Sec.  229.18(e). However, all paperwork collection 
procedures associated with Regulation CC already are in place, and the 
Board accordingly anticipates that no additional burden will be imposed 
as a result of this rulemaking.

List of Subjects in 12 CFR Part 229

    Banks, Banking, Reporting and recordkeeping requirements.

Authority and Issuance

0
For the reasons set forth in the preamble, the Board is amending 12 CFR 
part 229 to read as follows:

PART 229--AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS 
(REGULATION CC)

0
1. The authority citation for part 229 continues to read as follows:

    Authority: 12 U.S.C. 4001-4010, 12 U.S.C. 5001-5018.


0
2. The Sixth and Eighth Federal Reserve District routing symbol lists 
in appendix A are amended by removing the headings and listings for the 
Eighth Federal Reserve District and revising the listings for the Sixth 
Federal Reserve District to read as follows:

Appendix A to Part 229--Routing Number Guide to Next-Day Availability 
Checks and Local Checks

* * * * *

                     Sixth Federal Reserve District
 
                    [Federal Reserve Bank of Atlanta]
 
                               Head office
 
0610                                 2610
0611                                 2611
0612                                 2612
0613                                 2613
0620                                 2620
0621                                 2621
0622                                 2622
0630                                 2630
0631                                 2631
0632                                 2632
0640                                 2640
0641                                 2641
0642                                 2642
0650                                 2650
0651                                 2651
0652                                 2652
0653                                 2653
0654                                 2654
0655                                 2655
0660                                 2660
0670                                 2670
0810                                 2810
0812                                 2812
0815                                 2815
0819                                 2819
0820                                 2820
0829                                 2829
0840                                 2840
0841                                 2841
0842                                 2842
0843                                 2843
0865                                 2865
 

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    By order of the Board of Governors of the Federal Reserve 
System, December 15, 2008.
Jennifer J. Johnson,
Secretary of the Board.
 [FR Doc. E8-30085 Filed 12-18-08; 8:45 am]
BILLING CODE 6210-01-P