Board of Governors of the Federal Reserve System.
Final rule; technical amendment.
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 Seattle branch office of the Federal Reserve Bank of San Francisco and to reassign the Federal Reserve routing symbols currently listed under that office to the Los Angeles branch office of the Federal Reserve Bank of San Francisco. The Board is also amending the routing number guide to delete the reference to the Denver branch office of the Federal Reserve Bank of Kansas City and to reassign the routing symbols currently listed under that office to the Los Angeles branch office of the Federal Reserve Bank of San Francisco and to the head office of the Federal Reserve Bank of Dallas. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System.
The effective date for amendatory instruction 2, amending 12 CFR Part 229 Appendix A is June 20, 2009, and the effective date for amendatory instruction 3, further amending 12 CFR Part 229 Appendix A is June 27, 2009.
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.
Regulation CC establishes the maximum period a depositary bank may wait between receiving a deposit and making the deposited funds available for withdrawal.
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 June 20, 2009, the Reserve Banks will transfer the check-processing operations of the Seattle branch office of the Federal Reserve Bank of San Francisco to the Los Angeles branch office of the Federal Reserve Bank of San Francisco. On June 27, 2009, the Reserve Banks will transfer the check-processing operations of the Denver branch office of the Federal Reserve Bank of Kansas City to the Los Angeles branch office of the Federal Reserve Bank of San Francisco and to the head office of the Federal Reserve Bank of Dallas. As a result of these changes, some checks that are drawn on and deposited at banks located in the affected 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 San Francisco to reflect the transfer of check-processing operations from the Seattle branch office to the Los Angeles branch office. The Board is also amending the lists of routing symbols in appendix A associated with the Federal Reserve Banks of Kansas City, Dallas, and San Francisco to reflect the transfer of check-processing operations from the Denver branch office to the Los Angeles branch office and the Dallas head office. Specifically, the Denver branch office routing symbols formerly associated with the Salt Lake City branch office (1240, 1241, 1242, 1243, 3240, 3241, 3242, 3243) will be listed under the Los Angeles branch office, and the remainder of the Denver branch office routing symbols, including the routing symbols formerly associated with the Helena branch office (0920, 0921, 0929, 2920, 2921, 2929, 1020, 1021, 1022, 1023, 1070, 3020, 3021, 3022, 3023, 3070), will be listed under the Dallas head office. To coincide with the effective date of the underlying check-processing changes, the amendments to appendix A regarding the transfer of check-processing operations from Seattle to Los Angeles are effective June 20, 2009. The amendments to the appendix regarding the transfer of check-processing operations from Denver to Los Angeles and Dallas are effective June 27, 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.
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
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 (i) delete the reference to the Seattle branch office of the Federal Reserve Bank of San Francisco and reassign the routing symbols listed under that office to the Los Angeles branch office of the Federal Reserve Bank of San Francisco, and (ii) delete the reference to the Denver branch office of the Federal Reserve Bank of Kansas City and reassign the routing symbols listed under that office to the Los Angeles branch office of the Federal Reserve Bank of San Francisco and to the head office of the Federal Reserve Bank of Dallas. 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 § 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.
Banks, Banking, Reporting and recordkeeping requirements.
12 U.S.C. 4001–4010, 12 U.S.C. 5001–5018.