Availability of Funds and Collection of Checks, 8787-8788 [E8-2869]

Download as PDF 8787 Rules and Regulations Federal Register Vol. 73, No. 32 Friday, February 15, 2008 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–1308] Availability of Funds and Collection of Checks Board of Governors of the Federal Reserve System. ACTION: Final rule; technical amendment. AGENCY: SUMMARY: The Board of Governors (Board) is amending appendix A of Regulation CC to delete the reference to the head office of the Federal Reserve Bank of Kansas City and reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Dallas, and is amending appendix B of Regulation CC to delete the reference to the Kansas City head office. DATES: The final rule will become effective on April 19, 2008. 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 Heatherun Sophia Allison, Senior Counsel (202/452–3565), Legal Division. For users of Telecommunications Devices for the Deaf (TDD) only, contact 202/263–4869. SUPPLEMENTARY INFORMATION: rwilkins on PROD1PC63 with RULES Background 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 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 16:50 Feb 14, 2008 Jkt 214001 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.’’ 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 checkprocessing region and thus are local to one another. Appendix B to Regulation CC reduces the generally permissible hold times for nonlocal check deposits collected between certain checkprocessing regions from 5 days to 3 days due to generally faster collection times between these regions. On April 19, 2008, the Reserve Banks will transfer the check-processing operations of the head office of the Federal Reserve Bank of Kansas City to the head office of the Federal Reserve Bank of Dallas.2 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 Kansas City and Dallas to reflect the transfer of check-processing operations from the head office of the Federal Reserve Bank of Kansas City to the head office of the Federal Reserve 2 The Reserve Banks announced in May 2006 that the check-processing operations of the head office of the Federal Reserve Bank of Kansas City would be transferred to the head office of the Federal Reserve Bank of St. Louis in the first half of 2008. See https://www.federalreserve.gov/newsevents/ press/other/20060531a.htm. The Board provided notice earlier this year, however, that the Kansas City check-processing operations instead would be transferred to the head office of the Federal Reserve Bank of Dallas. See 73 FR 1267, January 8, 2008. PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 Bank of Dallas. In addition, because the Kansas City check-processing region will no longer exist, the Board is deleting the appendix B reference to the Kansas City office, and, as a result of this change, there will be no offices listed in that appendix. To coincide with the effective date of the underlying check-processing changes, the amendments to appendix A and appendix B are effective April 19, 2008. 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.3 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 and appendix B are technical in nature and are required by the statutory and regulatory definitions of ‘‘checkprocessing 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. 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 part 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 Kansas City and reassign the routing symbols listed under that office to the head office of the Federal Reserve Bank of Dallas. The technical amendment to appendix B of Regulation CC will delete the reference to the Kansas City head office. The depository 3 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\15FER1.SGM 15FER1 8788 Federal Register / Vol. 73, No. 32 / Friday, February 15, 2008 / Rules and Regulations 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. List of Subjects in 12 CFR Part 229 Banks, Banking, Reporting and recordkeeping requirements. Authority and Issuance For the reasons set forth in the preamble, the Board is amending 12 CFR part 229 to read as follows: I 1122 1123 1130 1131 1140 1149 1163 * * 3122 3123 3130 3131 3140 3149 3163 * * * Appendix B to Part 229—[Removed] I 3. Remove and reserve Appendix B. By order of the Board of Governors of the Federal Reserve System, acting through the Secretary of the Board under delegated authority, February 12, 2008. Jennifer J. Johnson, Secretary of the Board. [FR Doc. E8–2869 Filed 2–14–08; 8:45 am] BILLING CODE 6210–01–P PART 229—AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS (REGULATION CC) DEPARTMENT OF TRANSPORTATION 1. The authority citation for part 229 continues to read as follows: 14 CFR Part 25 I Authority: 12 U.S.C. 4001–4010, 12 U.S.C. 5001–5018. 2. The Tenth and Eleventh 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 * * * * * Tenth Federal Reserve District [Federal Reserve Bank of Kansas City] Denver Branch 0920 0921 0929 1020 1021 1022 1023 1070 1240 1241 1242 1243 2920 2921 2929 3020 3021 3022 3023 3070 3240 3241 3242 3243 Eleventh Federal Reserve District [Federal Reserve Bank of Dallas] rwilkins on PROD1PC63 with RULES Head Office 1010 1011 1012 1019 1030 1031 1039 1110 1111 1113 1119 1120 VerDate Aug<31>2005 3010 3011 3012 3019 3030 3031 3039 3110 3111 3113 3119 3120 16:50 Feb 14, 2008 Jkt 214001 Federal Aviation Administration [Docket No. NM382; Notice No. 25–369–SC] Special Conditions: Boeing Model 767 Series Airplanes; Seats with NonTraditional, Large, Non-Metallic Panels Federal Aviation Administration (FAA), DOT. ACTION: Final special conditions. AGENCY: SUMMARY: These special conditions are for Boeing Model 767 series airplanes. These airplanes will have a novel or unusual design feature(s) associated with seats that include non-traditional, large, non-metallic panels that would affect survivability during a post-crash fire event. The applicable airworthiness regulations do not contain adequate or appropriate safety standards for this design feature. These special conditions contain the additional safety standards that the Administrator considers necessary to establish a level of safety equivalent to that established by the existing airworthiness standards. DATES: The effective date of these special conditions is March 17, 2008. FOR FURTHER INFORMATION CONTACT: Alan Sinclair, FAA, Airframe/Cabin Safety Branch, ANM–115, Transport Airplane Directorate, Aircraft Certification Service, 1601 Lind Avenue, SW., Renton, Washington 98057–3356; telephone (425) 227–2195; facsimile (425) 227–1232; electronic mail alan.sinclair@faa.gov. SUPPLEMENTARY INFORMATION: Change to Special Condition Number 4 The FAA previously notified the public of our intent to issue special PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 conditions for seats with nontraditional, large, non-metallic panels on various airplane makes and models. Notice of Proposed Special Conditions No. 25–06–13–SC, applicable to Boeing Model 737 series airplanes, was published in the Federal Register on November 9, 2006 (71 FR 65761). The special conditions were issued on June 29, 2007 (Docket No. NM 359, Special Conditions No. 25–358–SC), published in the Federal Register on July 10, 2007 (72 FR 37425), and became effective on August 9, 2007. Both the Notice and the Final Special Conditions contained these words: We anticipate that seats with nontraditional, large, non-metallic panels will be installed in other makes and models of airplanes. We have made the determination to require special conditions for all applications requesting the installation of seats with non-traditional, large, non-metallic panels until the airworthiness requirements can be revised to address this issue. Having the same standards across the range of airplane makes and models will ensure a level playing field for the aviation industry. Special condition number 4 in the 737 special conditions limits the applicability of the special conditions to new seat certification programs applied for after the effective date of the special conditions. In these special conditions the FAA changed the applicability to make the special conditions applicable to new seat certification programs that are approved after the effective date of the special conditions. This change could affect pending as well as future project applications. The rationale behind this change is that these seat installations affect survivability during a post-crash fire event and should be implemented as soon as possible. Additionally, the public has been previously notified of the FAA’s intent to issue similar special conditions on other airplane makes and models. Background On August 8, 2005, Boeing Commercial Airplanes, P.O. Box 3707, Seattle, Washington 98124, applied for a design change to Type Certificate No. A1NM for installation of seats that include non-traditional, large, nonmetallic panels in Boeing Model 767 series airplanes. The Boeing Model 767 series airplanes, currently approved under Type Certificate No. A1NM, are swept-wing, conventional tail, twinengine, turbofan-powered, dual aisle, medium-sized transport category airplanes. The applicable regulations to airplanes currently approved under Type Certificate No. A1NM do not require seats to meet the more stringent E:\FR\FM\15FER1.SGM 15FER1

Agencies

[Federal Register Volume 73, Number 32 (Friday, February 15, 2008)]
[Rules and Regulations]
[Pages 8787-8788]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-2869]



========================================================================
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. 73, No. 32 / Friday, February 15, 2008 / 
Rules and Regulations

[[Page 8787]]



FEDERAL RESERVE SYSTEM

12 CFR Part 229

[Regulation CC; Docket No. R-1308]


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 (Board) is amending appendix A of 
Regulation CC to delete the reference to the head office of the Federal 
Reserve Bank of Kansas City and reassign the Federal Reserve routing 
symbols currently listed under that office to the head office of the 
Federal Reserve Bank of Dallas, and is amending appendix B of 
Regulation CC to delete the reference to the Kansas City head office.

DATES: The final rule will become effective on April 19, 2008.

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 Heatherun Sophia Allison, Senior 
Counsel (202/452-3565), Legal Division. For users of Telecommunications 
Devices for the Deaf (TDD) only, contact 202/263-4869.

SUPPLEMENTARY INFORMATION: 

Background

    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. 
Appendix B to Regulation CC reduces the generally permissible hold 
times for nonlocal check deposits collected between certain check-
processing regions from 5 days to 3 days due to generally faster 
collection times between these regions.
    On April 19, 2008, the Reserve Banks will transfer the check-
processing operations of the head office of the Federal Reserve Bank of 
Kansas City to the head office of the Federal Reserve Bank of 
Dallas.\2\ 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 Kansas City and Dallas to reflect the transfer of check-processing 
operations from the head office of the Federal Reserve Bank of Kansas 
City to the head office of the Federal Reserve Bank of Dallas. In 
addition, because the Kansas City check-processing region will no 
longer exist, the Board is deleting the appendix B reference to the 
Kansas City office, and, as a result of this change, there will be no 
offices listed in that appendix.
---------------------------------------------------------------------------

    \2\ The Reserve Banks announced in May 2006 that the check-
processing operations of the head office of the Federal Reserve Bank 
of Kansas City would be transferred to the head office of the 
Federal Reserve Bank of St. Louis in the first half of 2008. See 
https://www.federalreserve.gov/newsevents/press/other/20060531a.htm. 
The Board provided notice earlier this year, however, that the 
Kansas City check-processing operations instead would be transferred 
to the head office of the Federal Reserve Bank of Dallas. See 73 FR 
1267, January 8, 2008.
---------------------------------------------------------------------------

    To coincide with the effective date of the underlying check-
processing changes, the amendments to appendix A and appendix B are 
effective April 19, 2008. 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.\3\
---------------------------------------------------------------------------

    \3\ 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 the final rule. The revisions to appendix A and appendix B 
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 part 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 
Kansas City and reassign the routing symbols listed under that office 
to the head office of the Federal Reserve Bank of Dallas. The technical 
amendment to appendix B of Regulation CC will delete the reference to 
the Kansas City head office. The depository

[[Page 8788]]

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 Tenth and Eleventh 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

* * * * *

Tenth Federal Reserve District

[Federal Reserve Bank of Kansas City]

Denver Branch

                   0920                                 2920
                   0921                                 2921
                   0929                                 2929
                   1020                                 3020
                   1021                                 3021
                   1022                                 3022
                   1023                                 3023
                   1070                                 3070
                   1240                                 3240
                   1241                                 3241
                   1242                                 3242
                   1243                                 3243
 

Eleventh Federal Reserve District

[Federal Reserve Bank of Dallas]

Head Office

                   1010                                 3010
                   1011                                 3011
                   1012                                 3012
                   1019                                 3019
                   1030                                 3030
                   1031                                 3031
                   1039                                 3039
                   1110                                 3110
                   1111                                 3111
                   1113                                 3113
                   1119                                 3119
                   1120                                 3120
                   1122                                 3122
                   1123                                 3123
                   1130                                 3130
                   1131                                 3131
                   1140                                 3140
                   1149                                 3149
                   1163                                 3163
 

* * * * *

Appendix B to Part 229--[Removed]

0
3. Remove and reserve Appendix B.

    By order of the Board of Governors of the Federal Reserve 
System, acting through the Secretary of the Board under delegated 
authority, February 12, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8-2869 Filed 2-14-08; 8:45 am]
BILLING CODE 6210-01-P
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