Availability of Funds and Collection of Checks, 41236-41237 [E8-16481]
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41236
Federal Register / Vol. 73, No. 139 / Friday, July 18, 2008 / Rules and Regulations
under the United States Constitution.
Judicial status is acceptable in lieu of
‘‘active’’ status in States that prohibit
sitting judges from maintaining ‘‘active’’
status to practice law. Being in ‘‘good
standing’’ is also acceptable in lieu of
‘‘active’’ status in States where the
licensing authority considers ‘‘good
standing’’ as having a current license to
practice law.
(2) The requirements contained in
paragraph (b)(1) are suspended until
further notice with respect to
incumbents serving as administrative
law judges.
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*
*
*
*
SUMMARY: The Board of Governors
(Board) is amending appendix A of
Regulation CC to delete the reference to
the Windsor Locks office of the Federal
Reserve Bank of Boston and to reassign
the Federal Reserve routing symbols
currently listed under that office to the
head office of the Federal Reserve Bank
of Philadelphia. These amendments
reflect the restructuring of checkprocessing operations within the
Federal Reserve System.
DATES: The final rule will become
effective on September 20, 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 Sophia H. Allison, Senior
Counsel (202/452–3565), 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.
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.
On September 20, 2008, the Reserve
Banks will transfer the check-processing
operations of the Windsor Locks office
of the Federal Reserve Bank of Boston
to the head office of the Federal Reserve
Bank of Philadelphia. As a result of this
change, some checks that are drawn on
and deposited at banks located in the
Windsor Locks and Philadelphia checkprocessing 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 Boston and
Philadelphia to reflect the transfer of
check-processing operations from the
Windsor Locks office of the Federal
Reserve Bank of Boston to the head
office of the Federal Reserve Bank of
Philadelphia. To coincide with the
effective date of the underlying checkprocessing changes, the amendments to
appendix A are effective September 20,
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.2
1 For purposes of Regulation CC, the term ‘‘bank’’
refers to any depository institution, including
commercial banks, savings institutions, and credit
unions.
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.
[FR Doc. E8–16487 Filed 7–17–08; 8:45 am]
BILLING CODE 6325–39–P
FEDERAL RESERVE SYSTEM
12 CFR Part 229
[Regulation CC; Docket No. R–1323]
Availability of Funds and Collection of
Checks
Board of Governors of the
Federal Reserve System.
ACTION: Final rule; technical
amendment.
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AGENCY:
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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
§ 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 amendment to appendix A of
Regulation CC will delete the reference
to the Windsor Locks office of the
Federal Reserve Bank of Boston and
reassign the routing symbols 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, 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
PART 229—AVAILABILITY OF FUNDS
AND COLLECTION OF CHECKS
(REGULATION CC)
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. In appendix A to part 229,
introductory paragraph C is revised and
the First and Third Federal Reserve
I
E:\FR\FM\18JYR1.SGM
18JYR1
Federal Register / Vol. 73, No. 139 / Friday, July 18, 2008 / Rules and Regulations
District routing symbol lists are
amended by removing the headings and
listings for the First Federal Reserve
District and revising the listings for the
Third Federal Reserve District. The
revisions read as follows:
Secretary of the Board under delegated
authority, July 15, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8–16481 Filed 7–17–08; 8:45 am]
BILLING CODE 6210–01–P
Appendix A to Part 229—Routing
Number Guide to Next-Day Availability
Checks and Local Checks
SMALL BUSINESS ADMINISTRATION
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13 CFR Parts 121 and 123
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C. Each Federal Reserve check-processing
office is listed below, followed by the Federal
Reserve routing symbols of the banks that are
located within the check-processing region
served by that office. Because some checkprocessing regions cross Federal Reserve
District lines, there are some cases in which
banks in different Federal Reserve Districts
are located in the same check-processing
region and therefore considered local to each
other. For example, banks in Fairfield
County, Connecticut are located in the
Second District and have Second District
routing symbols (0211 or 2211), but the head
office of the Federal Reserve Bank of
Philadelphia processes the checks of these
banks. Thus, as indicated below, checks
drawn on banks with 0211 or 2211 routing
numbers would be local for banks served by
the head office of the Federal Reserve Bank
of Philadelphia.
Third Federal Reserve District
[Federal Reserve Bank of Philadelphia]
Head Office
rwilkins on PROD1PC63 with RULES
01101 ................................................
0111 ..................................................
0112 ..................................................
0113 ..................................................
0114 ..................................................
0115 ..................................................
0116 ..................................................
0117 ..................................................
0118 ..................................................
0119 ..................................................
0210 ..................................................
0211 ..................................................
0212 ..................................................
0213 ..................................................
0214 ..................................................
0215 ..................................................
0216 ..................................................
0219 ..................................................
0260 ..................................................
0280 ..................................................
0310 ..................................................
0311 ..................................................
0312 ..................................................
0313 ..................................................
0319 ..................................................
0360 ..................................................
2110
2111
2112
2113
2114
2115
2116
2117
2118
2119
2210
2211
2212
2213
2214
2215
2216
2219
2260
2280
2310
2311
2312
2313
2319
2360
1 The first two digits identify the bank’s Federal Reserve District. For example, 01 identifies the First Federal Reserve District (Boston), and l2 identifies the Twelfth District (San
Francisco). Adding 2 to the first digit denotes
a thrift institution. For example, 21 identifies a
thrift in the First District, and 32 denotes a
thrift in the Twelfth District.
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By order of the Board of Governors of the
Federal Reserve System, acting through the
VerDate Aug<31>2005
16:19 Jul 17, 2008
Jkt 214001
RIN 3245–AF41
Small Business Size Standards:
Inflation Adjustment to Size Standards,
Business Loan Program, and Disaster
Assistance Loan Program
U.S. Small Business
Administration.
ACTION: Final rule.
AGENCY:
SUMMARY: This rule finalizes the U.S.
Small Business Administration’s (SBA)
December 6, 2005 interim final rule that
amended monetary-based small
business size standards for inflation.
This rule adds an 8.7 percent increase
to the inflation-adjusted size standards
of the December 2005 interim final rule.
This accounts for the inflation that has
occurred since then. This rule also
adopts the interim final rule’s two-step
process for determining eligibility for
SBA’s Business Loan and Economic
Injury Disaster Loan (EIDL) Programs.
Furthermore, the rule adopts the revised
date that SBA uses to determine size
status for purposes of EIDL applications
for businesses located in declared
disaster areas as a result of Hurricanes
Katrina, Rita, and Wilma.
DATES: Effective Date: This rule is
effective on August 18, 2008.
FOR FURTHER INFORMATION CONTACT: Carl
Jordan, Office of Size Standards, (202)
205–6618 or sizestandards@sba.gov.
SUPPLEMENTARY INFORMATION:
Inflation Adjustment
On December 6, 2005, SBA increased
by 8.7% most of its monetary-based
small business size standards (e.g.,
receipts, net income, net worth, and
financial assets) for the effects of
inflation that had occurred since the
time of the previous adjustment in
February 2002 (70 FR 72577). Since
then, the U.S. economy has experienced
additional inflation, due in part to
significant increases in the price of
crude oil. Because of the rapid rate of
increasing inflation and the important
policy objective of maintaining the
value of size standards in inflationadjusted terms, SBA is further adjusting
the size standards implemented in the
2005 interim final rule. In all, this rule
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41237
increases size standards since February
2002 by 18.2 percent, that is, by an
additional 8.7 percent over the 8.7
percent increase in the 2005 interim
final rule (1.087 × 1.087 = 1.182, or 18.2
percent). This additional increase
ensures that size standards are up-todate for determining small business
status and restores the eligibility of
businesses that may have lost their
small business status due solely to price
level increases rather than from
increases in business activity.
The December 6, 2005 interim final
rule increased SBA’s most common size
standard for the retail trade and services
industries (referred to as the
‘‘nonmanufacturer anchor size
standard’’) from $6.0 million in average
annual receipts to $6.5 million. This
rule further increases the
nonmanufacturer anchor size standard
to $7.0 million. This rule also increases
other monetary-based size standards
proportionately. For example, the
interim final rule increased the size
standard for Computer Systems Design
Services (NAICS 541512) from $21
million to $23 million. This rule
increases that industry’s size standard to
$25.0 million.
The revisions adopted by this final
rule demonstrate that SBA must stay
abreast of changes in the economy to
ensure that size standards are
established at appropriate levels. To
meet that objective, SBA is conducting
a comprehensive review of all of its
small business size standards over a 2year period. This review will consist of
a series of proposed rules beginning in
2008 examining industries within a
specific NAICS Industry Sector. SBA
expects that, as a result of this
comprehensive review, it will propose
in the future additional revisions to
certain size standards based on its
evaluation of industry data.
How SBA Adjusts Small Business Size
Standards for Inflation
For purposes of this final rule, SBA
uses the same methodology as used in
the 2005 interim final rule, but applies
the most current inflation statistics
available. The methodology is described
below:
1. Select a measure of inflation. SBA
uses the chain-type price index for the
Gross Domestic Product (GDP), a broad
measure of inflation for the economy as
a whole. The U.S. Department of
Commerce, Bureau of Economic
Analysis (BEA), publishes this index
quarterly in its National Income and
Product Accounts publications (Table
1.1.4, Line 1).
2. Select base period. For this rule,
SBA selects the third quarter of 2001 as
E:\FR\FM\18JYR1.SGM
18JYR1
]]>Agencies
[Federal Register Volume 73, Number 139 (Friday, July 18, 2008)]
[Rules and Regulations]
[Pages 41236-41237]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-16481]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
12 CFR Part 229
[Regulation CC; Docket No. R-1323]
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 Windsor Locks office of
the Federal Reserve Bank of Boston and to reassign the Federal Reserve
routing symbols currently listed under that office to the head office
of the Federal Reserve Bank of Philadelphia. These amendments reflect
the restructuring of check-processing operations within the Federal
Reserve System.
DATES: The final rule will become effective on September 20, 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 Sophia H. Allison, Senior Counsel
(202/452-3565), 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.
---------------------------------------------------------------------------
\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.
On September 20, 2008, the Reserve Banks will transfer the check-
processing operations of the Windsor Locks office of the Federal
Reserve Bank of Boston to the head office of the Federal Reserve Bank
of Philadelphia. As a result of this change, some checks that are drawn
on and deposited at banks located in the Windsor Locks and Philadelphia
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
Boston and Philadelphia to reflect the transfer of check-processing
operations from the Windsor Locks office of the Federal Reserve Bank of
Boston to the head office of the Federal Reserve Bank of Philadelphia.
To coincide with the effective date of the underlying check-processing
changes, the amendments to appendix A are effective September 20, 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.\2\
---------------------------------------------------------------------------
\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.
---------------------------------------------------------------------------
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 amendment to appendix A of Regulation CC will
delete the reference to the Windsor Locks office of the Federal Reserve
Bank of Boston and reassign the routing symbols 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, 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. In appendix A to part 229, introductory paragraph C is revised and
the First and Third Federal Reserve
[[Page 41237]]
District routing symbol lists are amended by removing the headings and
listings for the First Federal Reserve District and revising the
listings for the Third Federal Reserve District. The revisions read as
follows:
Appendix A to Part 229--Routing Number Guide to Next-Day Availability
Checks and Local Checks
* * * * *
C. Each Federal Reserve check-processing office is listed below,
followed by the Federal Reserve routing symbols of the banks that
are located within the check-processing region served by that
office. Because some check-processing regions cross Federal Reserve
District lines, there are some cases in which banks in different
Federal Reserve Districts are located in the same check-processing
region and therefore considered local to each other. For example,
banks in Fairfield County, Connecticut are located in the Second
District and have Second District routing symbols (0211 or 2211),
but the head office of the Federal Reserve Bank of Philadelphia
processes the checks of these banks. Thus, as indicated below,
checks drawn on banks with 0211 or 2211 routing numbers would be
local for banks served by the head office of the Federal Reserve
Bank of Philadelphia.
Third Federal Reserve District
[Federal Reserve Bank of Philadelphia]
Head Office
------------------------------------------------------------------------
------------------------------------------------------------------------
0110\1\........................................................ 2110
0111........................................................... 2111
0112........................................................... 2112
0113........................................................... 2113
0114........................................................... 2114
0115........................................................... 2115
0116........................................................... 2116
0117........................................................... 2117
0118........................................................... 2118
0119........................................................... 2119
0210........................................................... 2210
0211........................................................... 2211
0212........................................................... 2212
0213........................................................... 2213
0214........................................................... 2214
0215........................................................... 2215
0216........................................................... 2216
0219........................................................... 2219
0260........................................................... 2260
0280........................................................... 2280
0310........................................................... 2310
0311........................................................... 2311
0312........................................................... 2312
0313........................................................... 2313
0319........................................................... 2319
0360........................................................... 2360
------------------------------------------------------------------------
\1\ The first two digits identify the bank's Federal Reserve District.
For example, 01 identifies the First Federal Reserve District
(Boston), and l2 identifies the Twelfth District (San Francisco).
Adding 2 to the first digit denotes a thrift institution. For example,
21 identifies a thrift in the First District, and 32 denotes a thrift
in the Twelfth District.
* * * * *
By order of the Board of Governors of the Federal Reserve
System, acting through the Secretary of the Board under delegated
authority, July 15, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8-16481 Filed 7-17-08; 8:45 am]
BILLING CODE 6210-01-P
