[Federal Register Volume 74, Number 137 (Monday, July 20, 2009)]
[Rules and Regulations]
[Pages 35113-35114]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-17103]
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FEDERAL RESERVE SYSTEM
12 CFR Part 229
[Regulation CC; Docket No. R-1363]
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 Chicago 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 September 12, 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 Dena L. Milligan, Attorney (202/452-
3900), 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 September 12, 2009, the Reserve Banks will transfer the check-
processing operations of the head office of the Federal Reserve Bank of
Chicago 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 Chicago 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 lists of routing symbols in appendix A associated with the
Federal Reserve Banks of Chicago and Cleveland to reflect the transfer
of check-processing operations from the head office of the Federal
Reserve Bank of Chicago to the head office of the Federal Reserve Bank
of Cleveland. To coincide with the effective date of the underlying
check-processing changes,
[[Page 35114]]
the amendments to appendix A are effective September 12, 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 amendments to appendix A of Regulation CC will
delete the reference to the head office of the Federal Reserve Bank of
Chicago 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:
Authority: 12 U.S.C. 4001-4010, 12 U.S.C. 5001-5018.
0
2. The Fourth and Seventh District routing symbol lists in appendix A
are amended by removing the headings and listings for the Seventh
Federal Reserve District and revising the listings for the Fourth
Federal Reserve District 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
0710 2710
0711 2711
0712 2712
0719 2719
0720 2720
0724 2724
0730 2730
0739 2739
0740 2740
0749 2749
0750 2750
0759 2759
0813 2813
0830 2830
0839 2839
0863 2863
0910 2910
0911 2911
0912 2912
0913 2913
0914 2914
0915 2915
0918 2918
0919 2919
0960 2960
1040 3040
1041 3041
1049 3049
* * * * *
By order of the Board of Governors of the Federal Reserve
System, acting through the Secretary of the Board under delegated
authority, July 14, 2009.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E9-17103 Filed 7-17-09; 8:45 am]
BILLING CODE 6210-01-P