Availability of Funds and Collection of Checks, 32265-32266 [E6-8642]

Download as PDF 32265 Rules and Regulations Federal Register Vol. 71, No. 107 Monday, June 5, 2006 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. Prices of new books are listed in the first FEDERAL REGISTER issue of each week. FEDERAL RESERVE SYSTEM 12 CFR Part 229 [Regulation CC; Docket No. R–1256] Availability of Funds and Collection of Checks Board of Governors of the Federal Reserve System. ACTION: Final rule; technical amendment. cprice-sewell on PROD1PC66 with RULES AGENCY: SUMMARY: The Board of Governors is amending appendix A of Regulation CC to delete the reference to the East Rutherford office of the Federal Reserve Bank of New York and reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Philadelphia. These amendments will ensure that the information in appendix A accurately describes the actual structure of check processing operations within the Federal Reserve System. DATES: The final rule will become effective on August 19, 2006. FOR FURTHER INFORMATION CONTACT: Jack K. Walton II, Associate Director (202/ 452–2660), or Joseph P. Baressi, Senior Financial Services Analyst (202/452– 3959), Division of Reserve Bank Operations and Payment Systems; or Adrianne G. Threatt, Counsel (202/452– 3554), 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 1 For purposes of Regulation CC, the term ‘‘bank’’ refers to any depository institution, including commercial banks, savings institutions, and credit unions. VerDate Aug<31>2005 14:50 Jun 02, 2006 Jkt 208001 local check than by a nonlocal check. A check drawn on a bank is considered local if it is payable by or at a bank located in the same Federal Reserve check processing region as the depositary bank. A check drawn on a nonbank is considered local if it is payable through a bank located in the same Federal Reserve check processing region as the depositary bank. Checks that do not meet the requirements for local checks are considered nonlocal. 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. As explained in detail in the Board’s final rule published in the Federal Register on December 19, 2005, the Federal Reserve Banks decided that the East Rutherford office of the Federal Reserve Bank of New York no longer will process checks and that checks currently processed by that office will instead be processed at the head office of the Federal Reserve Bank of Philadelphia.2 The Reserve Banks subsequently have announced that the East Rutherford office will cease processing checks on August 19, 2006.3 As a result of this change, 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. Also, after August 19, 2006, the restructured Philadelphia check processing region will cross Federal Reserve District lines. Banks located in 2 See 70 FR 74998, December 19, 2005. addition to the general advance notice of future amendments provided by the Board, and the Board’s notices of final amendments, the Reserve Banks are striving to inform affected depository institutions of the exact date of each office transition at least 120 days in advance. The Reserve Banks’ communications to affected depository institutions are available at https:// www.frbservices.org. 3 In PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 that region therefore no longer will be able to determine that a check is nonlocal solely because the paying bank for that check is located in another Federal Reserve District. To assist banks in identifying local and nonlocal checks, the Board accordingly is amending the lists of routing symbols associated with the Federal Reserve Banks of New York and Philadelphia to conform to the transfer of operations from the New York Reserve Bank’s East Rutherford office to the Philadelphia Reserve Bank’s head office. To coincide with the effective date of the underlying check processing changes, the amendments are effective August 19, 2006. The Board is providing advance notice of these amendments to give affected banks ample time to make any needed processing changes. The advance 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.4 The Federal Reserve routing symbols assigned to all other Federal Reserve branches and offices will remain the same at this time. 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 this final rule. The revisions to the appendix are technical in nature, and the routing symbol revisions 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 § 553(b) notice and comment procedures are unnecessary. 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. These technical amendments to appendix A of Regulation CC will delete the reference to the East Rutherford office of the Federal Reserve Bank of New York and reassign the Federal 4 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. E:\FR\FM\05JNR1.SGM 05JNR1 32266 Federal Register / Vol. 71, No. 107 / Monday, June 5, 2006 / Rules and Regulations Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Philadelphia. 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, because all paperwork collection procedures associated with Regulation CC already are in place, the Board anticipates that no additional burden will be imposed as a result of this rulemaking. 12 CFR Chapter II List of Subjects in 12 CFR Part 229 Banks, Banking, Reporting and recordkeeping requirements. For the reasons set forth in the preamble, the Board is amending 12 CFR part 229 to read as follows: 1. The authority citation for part 229 continues to read as follows: I Authority: 12 U.S.C. 4001–4010, 12 U.S.C. 5001–5018. 2. The Second and Third Federal Reserve District routing symbol lists in appendix A are revised to read as follows: I Appendix A to Part 229—Routing Number Guide to Next-Day Availability Checks and Local Checks * * * Utica Office 0213 0220 0223 2213 2220 2223 cprice-sewell on PROD1PC66 with RULES Third Federal Reserve District [Federal Reserve Bank of Philadelphia] Head Office 0210 0212 0214 0215 0216 0219 0260 0280 0310 0311 0312 0313 0319 0360 * * * VerDate Aug<31>2005 2210 2212 2214 2215 2216 2219 2260 2280 2310 2311 2312 2313 2319 2360 * * 14:50 Jun 02, 2006 Jkt 208001 FOR FURTHER INFORMATION CONTACT: DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Karl Schletzbaum, Aerospace Engineer, FAA, Small Airplane Directorate, 901 Locust, Room 301, Kansas City, Missouri 64106; telephone: (816) 329–4146; facsimile: (816) 329–4090. 14 CFR Part 39 SUPPLEMENTARY INFORMATION: [Docket No. FAA–2006–24081; Directorate Identifier 2006–CE–15–AD; Amendment 39– 14623; AD 2006–11–18] Discussion Federal Aviation Administration (FAA), Department of Transportation (DOT). ACTION: Final rule. AGENCY: PART 229—AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS (REGULATION CC) * BILLING CODE 6210–01–P Airworthiness Directives; Pacific Aerospace Corporation Ltd. Model 750XL Airplanes I * Department of Transportation, 400 Seventh Street, SW., Nassif Building, Room PL–401, Washington, DC 20590– 001 or on the Internet at https:// dms.dot.gov. The docket number is FAA–2006–24081; Directorate Identifier 2006–CE–15–AD. RIN 2120–AA64 Authority and Issuance Second Federal Reserve District [Federal Reserve Bank of New York] By order of the Board of Governors of the Federal Reserve System, acting through the Secretary of the Board under delegated authority, May 30, 2006. Jennifer J. Johnson, Secretary of the Board. [FR Doc. E6–8642 Filed 6–2–06; 8:45 am] SUMMARY: We are adopting a new airworthiness directive (AD) for certain Pacific Aerospace Corporation Ltd. Model 750XL airplanes. This AD requires you to inspect the condition of the insulation of the wiring adjacent to the electrical plugs mounted in the lefthand (LH) and right-hand (RH) sides of the forward end of the cockpit center console for signs of abrasion and arcing. If you find any evidence of abrasion or arcing, this AD requires you to replace the affected wire(s) and secure the wires away from the back shells of the electrical plugs. This AD results from mandatory continuing airworthiness information (MCAI) issued by the airworthiness authority for New Zealand. We are issuing this AD to detect and correct damaged wires on the LH and RH sides of the forward end of the cockpit center console, which could result in short-circuiting of the related wiring. This could lead to electrical failure of affected systems and potential fire in the cockpit. DATES: This AD becomes effective on July 14, 2006. As of July 14, 2006, the Director of the Federal Register approved the incorporation by reference of certain publications listed in the regulation. ADDRESSES: For service information identified in this AD, contact Pacific Aerospace Corporation Ltd., Hamilton Airport, Private Bag HN 3027, Hamilton, New Zealand; telephone: 011 (64) 7– 843–6144; fax: 011 (64) 7–843–6134. To view the AD docket, go to the Docket Management Facility; U.S. PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 On March 20, 2006, we issued a proposal to amend part 39 of the Federal Aviation Regulations (14 CFR part 39) to include an AD that would apply to certain Pacific Aerospace Corporation Ltd. (Pacific Aerospace) Model 750XL airplanes. This proposal was published in the Federal Register as a notice of proposed rulemaking (NPRM) on March 27, 2006 (71 FR 15061). The NPRM proposed to require you to inspect the condition of the insulation of the wiring adjacent to the electrical plugs mounted in the left-hand (LH) and right-hand (RH) sides of the forward end of the cockpit center console for signs of abrasion and arcing. If you find any evidence of abrasion or arcing, the NPRM proposed to require you to replace the affected wire(s) and secure the wires away from the back shells of the electrical plugs. Comments We provided the public the opportunity to participate in developing this AD. We received no comments on the proposal or on the determination of the cost to the public. Conclusion We have carefully reviewed the available data and determined that air safety and the public interest require adopting the AD as proposed except for minor editorial corrections. We have determined that these minor corrections: • Are consistent with the intent that was proposed in the NPRM for correcting the unsafe condition; and • Do not add any additional burden upon the public than was already proposed in the NPRM. Costs of Compliance We estimate that this AD affects 5 airplanes in the U.S. registry. We estimate the following costs to do the inspection: E:\FR\FM\05JNR1.SGM 05JNR1

Agencies

[Federal Register Volume 71, Number 107 (Monday, June 5, 2006)]
[Rules and Regulations]
[Pages 32265-32266]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-8642]



========================================================================
Rules and Regulations
                                                Federal Register
________________________________________________________________________

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. 
Prices of new books are listed in the first FEDERAL REGISTER issue of each 
week.

========================================================================


Federal Register / Vol. 71, No. 107 / Monday, June 5, 2006 / Rules 
and Regulations

[[Page 32265]]



FEDERAL RESERVE SYSTEM

12 CFR Part 229

[Regulation CC; Docket No. R-1256]


Availability of Funds and Collection of Checks

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule; technical amendment.

-----------------------------------------------------------------------

SUMMARY: The Board of Governors is amending appendix A of Regulation CC 
to delete the reference to the East Rutherford office of the Federal 
Reserve Bank of New York and reassign the Federal Reserve routing 
symbols currently listed under that office to the head office of the 
Federal Reserve Bank of Philadelphia. These amendments will ensure that 
the information in appendix A accurately describes the actual structure 
of check processing operations within the Federal Reserve System.

DATES: The final rule will become effective on August 19, 2006.

FOR FURTHER INFORMATION CONTACT: Jack K. Walton II, Associate Director 
(202/452-2660), or Joseph P. Baressi, Senior Financial Services Analyst 
(202/452-3959), Division of Reserve Bank Operations and Payment 
Systems; or Adrianne G. Threatt, Counsel (202/452-3554), 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 drawn on a bank is 
considered local if it is payable by or at a bank located in the same 
Federal Reserve check processing region as the depositary bank. A check 
drawn on a nonbank is considered local if it is payable through a bank 
located in the same Federal Reserve check processing region as the 
depositary bank. Checks that do not meet the requirements for local 
checks are considered nonlocal.
---------------------------------------------------------------------------

    \1\ For purposes of Regulation CC, the term ``bank'' refers to 
any depository institution, including commercial banks, savings 
institutions, and credit unions.
---------------------------------------------------------------------------

    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.
    As explained in detail in the Board's final rule published in the 
Federal Register on December 19, 2005, the Federal Reserve Banks 
decided that the East Rutherford office of the Federal Reserve Bank of 
New York no longer will process checks and that checks currently 
processed by that office will instead be processed at the head office 
of the Federal Reserve Bank of Philadelphia.\2\ The Reserve Banks 
subsequently have announced that the East Rutherford office will cease 
processing checks on August 19, 2006.\3\ As a result of this change, 
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. Also, after August 19, 2006, the restructured Philadelphia 
check processing region will cross Federal Reserve District lines. 
Banks located in that region therefore no longer will be able to 
determine that a check is nonlocal solely because the paying bank for 
that check is located in another Federal Reserve District.
---------------------------------------------------------------------------

    \2\ See 70 FR 74998, December 19, 2005.
    \3\ In addition to the general advance notice of future 
amendments provided by the Board, and the Board's notices of final 
amendments, the Reserve Banks are striving to inform affected 
depository institutions of the exact date of each office transition 
at least 120 days in advance. The Reserve Banks' communications to 
affected depository institutions are available at https://
www.frbservices.org.
---------------------------------------------------------------------------

    To assist banks in identifying local and nonlocal checks, the Board 
accordingly is amending the lists of routing symbols associated with 
the Federal Reserve Banks of New York and Philadelphia to conform to 
the transfer of operations from the New York Reserve Bank's East 
Rutherford office to the Philadelphia Reserve Bank's head office. To 
coincide with the effective date of the underlying check processing 
changes, the amendments are effective August 19, 2006. The Board is 
providing advance notice of these amendments to give affected banks 
ample time to make any needed processing changes. The advance 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.\4\ The Federal Reserve routing symbols 
assigned to all other Federal Reserve branches and offices will remain 
the same at this time.
---------------------------------------------------------------------------

    \4\ 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.
---------------------------------------------------------------------------

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 this final rule. The revisions to the appendix are 
technical in nature, and the routing symbol revisions 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.

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. These technical amendments to appendix A of Regulation CC will 
delete the reference to the East Rutherford office of the Federal 
Reserve Bank of New York and reassign the Federal

[[Page 32266]]

Reserve routing symbols currently listed under that office to the head 
office of the Federal Reserve Bank of Philadelphia. 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, because all paperwork 
collection procedures associated with Regulation CC already are in 
place, the Board anticipates that no additional burden will be imposed 
as a result of this rulemaking.

12 CFR Chapter II

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 Second and Third 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

* * * * *

Second Federal Reserve District

[Federal Reserve Bank of New York]

Utica Office

                   0213                                 2213
                   0220                                 2220
                   0223                                 2223
 

Third Federal Reserve District

[Federal Reserve Bank of Philadelphia]

Head Office

                   0210                                 2210
                   0212                                 2212
                   0214                                 2214
                   0215                                 2215
                   0216                                 2216
                   0219                                 2219
                   0260                                 2260
                   0280                                 2280
                   0310                                 2310
                   0311                                 2311
                   0312                                 2312
                   0313                                 2313
                   0319                                 2319
                   0360                                 2360
 

* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, acting through the Secretary of the Board under delegated 
authority, May 30, 2006.
Jennifer J. Johnson,
Secretary of the Board.
 [FR Doc. E6-8642 Filed 6-2-06; 8:45 am]
BILLING CODE 6210-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.