Availability of Funds and Collection of Checks, 28319-28320 [E8-10973]

Download as PDF 28319 Rules and Regulations Federal Register Vol. 73, No. 96 Friday, May 16, 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–1317] 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 Memphis branch office of the Federal Reserve Bank of St. Louis and reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Atlanta. In addition, the Board is providing advance notice regarding future amendments to appendix A that are anticipated in connection with the Reserve Banks’ restructuring of the check-processing operations within the Federal Reserve System. The final rule will become effective on July 19, 2008. DATES: FOR FURTHER INFORMATION CONTACT: sroberts on PROD1PC70 with RULES 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 (202/452–3565), Senior Counsel, 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 VerDate Aug<31>2005 15:55 May 15, 2008 Jkt 214001 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.’’ 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. Final Amendments to Appendix A On July 19, 2008, the Reserve Banks will transfer the check-processing operations of the Memphis branch office of the Federal Reserve Bank of St. Louis to the head office of the Federal Reserve Bank of Atlanta.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 St. Louis and Atlanta to reflect the transfer of check-processing operations from the Memphis branch office to the Atlanta head office. To coincide with the effective date of the underlying check-processing changes, the amendments to appendix A are 1 For purposes of Regulation CC, the term ‘‘bank’’ refers to any depository institution, including commercial banks, savings institutions, and credit unions. 2 The Reserve Banks announced in June 2007 that the check-processing operations of the Memphis branch office would be transferred to the Atlanta head office in the third quarter of 2008. See https://www.federalreserve.gov/newsevents/press/ other/20070626a.htm. PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 effective July 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 Information About Anticipated Future Changes to Appendix A The Federal Reserve Banks announced on March 31, 2008, that they are accelerating their planned reductions in the number of locations at which they process checks.4 These steps are being taken in response to the continued nationwide decline in check usage and to position the Reserve Banks more effectively to meet the cost recovery requirements of the Monetary Control Act of 1980. Whereas they had previously announced that the transitions would take place by early 2011, the Reserve Banks now plan to cease check-processing operations at all of their check-processing offices except four—Philadelphia, Cleveland, Atlanta, and Dallas—by early 2010. As a result of the accelerated schedule, the tentative dates in the Board’s earlier Federal Register notice (73 FR 1267, Jan. 8, 2008) regarding this matter are no longer accurate. Moreover, the accelerated schedule set forth in the Reserve Banks’ March 2008 announcement is subject to further review and may change. Institutions seeking the most current information should consult the Reserve Banks’ check-restructuring Web site.5 The Board plans to amend appendix A in connection with each stage of the restructuring to delete the names of the offices that will no longer process checks and transfer the affected Federal Reserve routing symbols to other checkprocessing offices. The Board intends to provide notice of each amendment to appendix A approximately 60 days prior to the effective date of the amendment in order to give affected banks ample time to make processing changes and, if 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. 4 See https://www.federalreserve.gov/newsevents/ press/other/20080331a.htm. 5 https://www.frbservices.org/communications/ check_restructuring.html. E:\FR\FM\16MYR1.SGM 16MYR1 28320 Federal Register / Vol. 73, No. 96 / Friday, May 16, 2008 / Rules and Regulations Authority: 12 U.S.C. 4001–4010, 12 U.S.C. 5001–5018. DEPARTMENT OF TRANSPORTATION 2. The Sixth and Eighth Federal Reserve District routing symbol lists in appendix A are revised to read as follows: necessary, amend their availability schedules and related disclosures and provide their customers with notice of any changes to their availability schedules. Federal Aviation Administration I 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 § 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. Amendment of Class E Airspace; Waynesburg, PA * AGENCY: * For the reasons set forth in the preamble, the Board is amending 12 CFR part 229 to read as follows: sroberts on PROD1PC70 with RULES I PART 229—AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS (REGULATION CC) * * [Federal Reserve Bank of Atlanta] Head Office 0610 0611 0612 0613 0620 0621 0622 0640 0641 0642 0650 0651 0652 0653 0654 0655 0820 0829 0840 0841 0842 0843 2610 2611 2612 2613 2620 2621 2622 2640 2641 2642 2650 2651 2652 2653 2654 2655 2820 2829 2840 2841 2842 2843 Jacksonville Branch 0630 0631 0632 0660 0670 2630 2631 2632 2660 2670 Head Office History * * * * EIGHTH FEDERAL RESERVE DISTRICT 0810 0812 0815 0819 0865 * * 2810 2812 2815 2819 2865 * * By order of the Board of Governors of the Federal Reserve System, acting through the Secretary of the Board under delegated authority, May 13, 2008. Jennifer J. Johnson, Secretary of the Board. [FR Doc. E8–10973 Filed 5–15–08; 8:45 am] BILLING CODE 6210–01–P 1. The authority citation for part 229 continues to read as follows: 15:55 May 15, 2008 Jkt 214001 SUMMARY: This action amends the Class E airspace area at Waynesburg, PA, to accommodate a new Standard Instrument Approach Procedure (SIAP) that has been developed for Green County Airport. As a result, controlled airspace extending upward from 700 feet Above Ground Level (AGL) will be expanded to contain the SIAP and other Instrument Flight Rules (IFR) operations at Green County Airport. The operating status of the airport will change from Visual Flight Rules (VFR) to include IFR operations concurrent with the publication of the SIAP. A minor correction is also being made in the geographic position coordinates of the Green County Airport. DATES: Effective 0901 UTC, June 5, 2008. The Director of the Federal Register approves this incorporation by reference action under Title 1, Code of Federal Regulations, part 51, subject to the annual revision of FAA Order 7400.9 and publication of conforming amendments. [Federal Reserve Bank of St. Louis] * I VerDate Aug<31>2005 Federal Aviation Administration (FAA), DOT. ACTION: Final rule; correction. FOR FURTHER INFORMATION CONTACT: Melinda Giddens, System Support, Eastern Service Center, Federal Aviation Administration, P.O. Box 20636, Atlanta, Georgia 30320; telephone (404) 305–5610. SUPPLEMENTARY INFORMATION: * Authority and Issuance * SIXTH FEDERAL RESERVE DISTRICT List of Subjects in 12 CFR Part 229 Banks, Banking, Reporting and recordkeeping requirements. [Docket No. FAA–2007–0022; Airspace Docket 07–AEA–07] Appendix A to Part 229—Routing Number Guide to Next-Day Availability Checks and Local Checks 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 Memphis branch office of the Federal Reserve Bank of St. Louis 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 § 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. 14 CFR Part 71 PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 On February 21, 2008, the FAA proposed to amend part 71 of the Federal Aviation Regulations (14 CFR part 71) by modifying the Class E airspace area at Waynesburg, PA (73 FR 9504). The proposed action would provide additional controlled airspace to accommodate RNAV (GPS) approaches for Runway 09/27 at the Green County Airport. After publication, a minor error was discovered in the geographic coordinates of the airport. This action also corrects that error. Interested parties were invited to participate in this rulemaking proceeding by submitting written comments on the proposal to the FAA. E:\FR\FM\16MYR1.SGM 16MYR1

Agencies

[Federal Register Volume 73, Number 96 (Friday, May 16, 2008)]
[Rules and Regulations]
[Pages 28319-28320]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-10973]



========================================================================
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. 96 / Friday, May 16, 2008 / Rules and 
Regulations

[[Page 28319]]



FEDERAL RESERVE SYSTEM

12 CFR Part 229

[Regulation CC; Docket No. R-1317]


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 Memphis branch office of 
the Federal Reserve Bank of St. Louis and reassign the Federal Reserve 
routing symbols currently listed under that office to the head office 
of the Federal Reserve Bank of Atlanta. In addition, the Board is 
providing advance notice regarding future amendments to appendix A that 
are anticipated in connection with the Reserve Banks' restructuring of 
the check-processing operations within the Federal Reserve System.

DATES: The final rule will become effective on July 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 (202/452-
3565), Senior Counsel, 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.

Final Amendments to Appendix A

    On July 19, 2008, the Reserve Banks will transfer the check-
processing operations of the Memphis branch office of the Federal 
Reserve Bank of St. Louis to the head office of the Federal Reserve 
Bank of Atlanta.\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 St. Louis and Atlanta to reflect the transfer of 
check-processing operations from the Memphis branch office to the 
Atlanta head office. To coincide with the effective date of the 
underlying check-processing changes, the amendments to appendix A are 
effective July 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\
---------------------------------------------------------------------------

    \2\ The Reserve Banks announced in June 2007 that the check-
processing operations of the Memphis branch office would be 
transferred to the Atlanta head office in the third quarter of 2008. 
See https://www.federalreserve.gov/newsevents/press/other/
20070626a.htm.
    \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.
---------------------------------------------------------------------------

Information About Anticipated Future Changes to Appendix A

    The Federal Reserve Banks announced on March 31, 2008, that they 
are accelerating their planned reductions in the number of locations at 
which they process checks.\4\ These steps are being taken in response 
to the continued nationwide decline in check usage and to position the 
Reserve Banks more effectively to meet the cost recovery requirements 
of the Monetary Control Act of 1980. Whereas they had previously 
announced that the transitions would take place by early 2011, the 
Reserve Banks now plan to cease check-processing operations at all of 
their check-processing offices except four--Philadelphia, Cleveland, 
Atlanta, and Dallas--by early 2010. As a result of the accelerated 
schedule, the tentative dates in the Board's earlier Federal Register 
notice (73 FR 1267, Jan. 8, 2008) regarding this matter are no longer 
accurate. Moreover, the accelerated schedule set forth in the Reserve 
Banks' March 2008 announcement is subject to further review and may 
change. Institutions seeking the most current information should 
consult the Reserve Banks' check-restructuring Web site.\5\
---------------------------------------------------------------------------

    \4\ See https://www.federalreserve.gov/newsevents/press/other/
20080331a.htm.
    \5\ https://www.frbservices.org/communications/check_
restructuring.html.
---------------------------------------------------------------------------

    The Board plans to amend appendix A in connection with each stage 
of the restructuring to delete the names of the offices that will no 
longer process checks and transfer the affected Federal Reserve routing 
symbols to other check-processing offices. The Board intends to provide 
notice of each amendment to appendix A approximately 60 days prior to 
the effective date of the amendment in order to give affected banks 
ample time to make processing changes and, if

[[Page 28320]]

necessary, amend their availability schedules and related disclosures 
and provide their customers with notice of any changes to their 
availability schedules.

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 Memphis branch office of the Federal 
Reserve Bank of St. Louis 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.

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 Sixth and Eighth 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

* * * * *

SIXTH FEDERAL RESERVE DISTRICT

[Federal Reserve Bank of Atlanta]

Head Office

                   0610                                 2610
                   0611                                 2611
                   0612                                 2612
                   0613                                 2613
                   0620                                 2620
                   0621                                 2621
                   0622                                 2622
                   0640                                 2640
                   0641                                 2641
                   0642                                 2642
                   0650                                 2650
                   0651                                 2651
                   0652                                 2652
                   0653                                 2653
                   0654                                 2654
                   0655                                 2655
                   0820                                 2820
                   0829                                 2829
                   0840                                 2840
                   0841                                 2841
                   0842                                 2842
                   0843                                 2843
 

Jacksonville Branch

                   0630                                 2630
                   0631                                 2631
                   0632                                 2632
                   0660                                 2660
                   0670                                 2670
 

* * * * *

EIGHTH FEDERAL RESERVE DISTRICT

[Federal Reserve Bank of St. Louis]

Head Office

                   0810                                 2810
                   0812                                 2812
                   0815                                 2815
                   0819                                 2819
                   0865                                 2865
 

* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, acting through the Secretary of the Board under delegated 
authority, May 13, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8-10973 Filed 5-15-08; 8:45 am]
BILLING CODE 6210-01-P
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