[Federal Register Volume 74, Number 17 (Wednesday, January 28, 2009)]
[Rules and Regulations]
[Pages 4909-4910]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-1421]



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 Rules and Regulations
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 This section of the FEDERAL REGISTER contains regulatory documents 
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 to and codified in the Code of Federal Regulations, which is published 
 under 50 titles pursuant to 44 U.S.C. 1510.
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  Federal Register / Vol. 74, No. 17 / Wednesday, January 28, 2009 / 
Rules and Regulations  

[[Page 4909]]



FEDERAL RESERVE SYSTEM

12 CFR Part 229


Regulation CC; Docket No. R-1348; 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 Charlotte branch office of the Federal 
Reserve Bank of Richmond and to reassign the Federal Reserve routing 
symbols currently listed under that office to the head office of the 
Federal Reserve Bank of Atlanta. These amendments reflect the 
restructuring of check-processing operations within the Federal Reserve 
System.

DATES: The final rule will become effective on March 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 March 21, 2009, the Reserve Banks will transfer the check-
processing operations of the Charlotte branch office of the Federal 
Reserve Bank of Richmond 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 Charlotte 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 Richmond and 
Atlanta to reflect the transfer of check-processing operations from the 
Charlotte branch office of the Federal Reserve Bank of Richmond 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 March 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 Charlotte branch office of the Federal 
Reserve Bank of Richmond and reassign the routing symbols listed under 
that office to the head office of the Federal Reserve Bank of 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.

[[Page 4910]]

Authority and Issuance

0
For the reasons set forth in the preamble, the Board is amending 12 CFR 
part 229 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 Fifth and Sixth Federal Reserve District routing symbol lists in 
appendix A are revised to read as follows:

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

* * * * *

FIFTH FEDERAL RESERVE DISTRICT

[Federal Reserve Bank of Richmond]

Baltimore Branch

                   0510                                 2510
                   0514                                 2514
                   0520                                 2520
                   0521                                 2521
                   0522                                 2522
                   0540                                 2540
                   0550                                 2550
                   0560                                 2560
                   0570                                 2570
 

SIXTH FEDERAL RESERVE DISTRICT

[Federal Reserve Bank of Atlanta]

Head Office

                   0530                                 2530
                   0531                                 2531
                   0532                                 2532
                   0539                                 2539
                   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
 

* * * * *


    By order of the Board of Governors of the Federal Reserve 
System, January 16, 2009.
Jennifer J. Johnson,
Secretary of the Board.
 [FR Doc. E9-1421 Filed 1-27-09; 8:45 am]
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