Availability of Funds and Collection of Checks, 26515-26516 [E9-12925]

Download as PDF Federal Register / Vol. 74, No. 105 / Wednesday, June 3, 2009 / Rules and Regulations Training (OPT) from 12 months to 29 months for F–1 students who have completed a science, technology, engineering, or mathematics (STEM) degree with a degree code that is on the current STEM Designated Degree Program List, and who accept employment with employers enrolled in U.S. Citizenship and Immigration Services’ (USCIS’) E–Verify employment verification program. In that IFR, there was one typographical error and two inadvertent omissions. Through this amendment, DHS corrects those items. First, DHS is correcting an error in the regulatory text of the interim final rule. The regulatory text that added new 8 CFR 274a.12(b)(6)(v) at 73 FR 18956 contains a typographical error. The paragraph begins with an unnecessary ‘‘Or’’. Through this amendment, DHS removes that extra word. Second, DHS is correcting two inadvertent omissions. In the amendatory language for amendment 2b at 73 FR 18954, DHS inadvertently omitted a reference to the revision to 8 CFR 214.2(f)(10)(ii)(D). While that revision was in the regulatory text of the document submitted to the Federal Register, it was not in the amendatory language of the document submitted to the Federal Register, and so it would not be accurately codified in the Code of Federal Regulations. Also, amendment 5b at 73 FR 18956 revised 8 CFR 274a.12(c)(3). It should have only revised 8 CFR 274a.12(c)(3)(i). As a result, 8 CFR 274a.12(c)(3)(ii) and 274a.12(c)(3)(iii) were inadvertently omitted. * * * * * (f) * * * (10) * * * (ii) * * * (D) Duration of status while on postcompletion OPT. For a student with approved post-completion OPT, the duration of status is defined as the period beginning when the student’s application for OPT was properly filed and pending approval, including the authorized period of post-completion OPT, and ending 60 days after the OPT employment authorization expires (allowing the student to prepare for departure, change educational levels at the same school, or transfer in accordance with paragraph (f)(8) of this section). * * * * * PART 274a—CONTROL OF EMPLOYMENT OF ALIENS 3. The authority citation for part 274a continues to read as follows: ■ Authority: 8 U.S.C. 1101, 1103, 1324a; 8 CFR part 2; Pub. L. 101–410, 104 Stat. 890, as amended by Pub. L. 104–134, 110 Stat. 1321. § 274a.12 Classes of aliens authorized to accept employment. 8 CFR Part 274a Administrative practice and procedure, Aliens, Employment, Penalties, Reporting and recordkeeping requirements. ■ For the reasons set forth in the preamble, 8 CFR part 214 and 274a are amended as follows: PART 214—NONIMMIGRANT CLASSES 1. The authority citation for part 214 continues to read as follows: ■ dwashington3 on PROD1PC60 with RULES § 214.2 Special requirements for admission, extension and maintenance of status. 4. Section 274a.12 is amended by: a. Removing the word ‘‘Or’’ from the beginning of paragraph (b)(6)(v); and ■ b. Adding paragraphs (c)(3)(ii) and (iii). The additions read as follows: 8 CFR Part 214 Administrative practice and procedure, Aliens, Employment, Foreign officials, Health professions, Reporting and recordkeeping requirements, Students. Authority: 8 U.S.C. 1101, 1102, 1103, 1182, 1184, 1186a, 1187, 1221, 1281, 1282, 1301– 1305 and 1372; section 643, Pub. L. 104–208, 110 Stat. 3009–708; Pub. L. 106–386, 114 Stat. 1477–1480; section 141 of the Compacts of Free Association with the Federated States 15:33 Jun 02, 2009 2. Section 214.2 is amended by revising paragraph (f)(10)(ii)(D) to read as follows: ■ ■ ■ List of Subjects VerDate Nov<24>2008 of Micronesia and the Republic of the Marshall Islands, and with the Government of Palau, 48 U.S.C. 1901 note, and 1931 note, respectively; 8 CFR part 2. Jkt 217001 * * * * * (c) * * * (3) * * * (ii) Has been offered employment under the sponsorship of an international organization within the meaning of the International Organization Immunities Act (59 Stat. 669) and who presents a written certification from the international organization that the proposed employment is within the scope of the organization’s sponsorship. The F–1 student must also present a Form I–20 ID or SEVIS Form I–20 with employment page completed by DSO certifying eligibility for employment; or (iii) Is seeking employment because of severe economic hardship pursuant to 8 PO 00000 Frm 00005 Fmt 4700 Sfmt 4700 26515 CFR 214.2(f)(9)(ii)(C) and has filed the Form I–20 ID and Form I–538 (for nonSEVIS schools), or SEVIS Form I–20 with employment page completed by the DSO certifying eligibility, and any other supporting materials such as affidavits which further detail the unforeseen economic circumstances that require the student to seek employment authorization. * * * * * Christina E. McDonald, Deputy Associate General Counsel for Regulatory Affairs. [FR Doc. E9–12861 Filed 6–2–09; 8:45 am] BILLING CODE 9111–28–P FEDERAL RESERVE SYSTEM 12 CFR Part 229 [Regulation CC; Docket No. R–1358] 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 the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the head office of the Federal Reserve Bank of Minneapolis and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Cleveland. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System. DATES: The final rule will become effective on July 25, 2009. 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 Dena L. Milligan, Attorney (202/452–3900), 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 1 For purposes of Regulation CC, the term ‘‘bank’’ refers to any depository institution, including E:\FR\FM\03JNR1.SGM Continued 03JNR1 dwashington3 on PROD1PC60 with RULES 26516 Federal Register / Vol. 74, No. 105 / Wednesday, June 3, 2009 / Rules and Regulations 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 July 25, 2009, the Reserve Banks will transfer the check-processing operations of the head office of the Federal Reserve Bank of Minneapolis to the head office of the Federal Reserve Bank of Cleveland. As a result of this change, some checks that are drawn on and deposited at banks located in the Minneapolis and Cleveland 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 Minneapolis and Cleveland to reflect the transfer of check-processing operations from the head office of the Federal Reserve Bank of Minneapolis to the head office of the Federal Reserve Bank of Cleveland. To coincide with the effective date of the underlying check-processing changes, the amendments to appendix A are effective July 25, 2009. The Board is providing notice of the amendments at this time to give affected banks ample time to make any needed processing changes. Early notice also will enable affected banks to amend their availability schedules and related disclosures if necessary and provide their customers with notice of these changes.2 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. VerDate Nov<24>2008 15:33 Jun 02, 2009 Jkt 217001 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 section 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 amendments to appendix A of Regulation CC will delete the reference to the head office of the Federal Reserve Bank of Minneapolis and reassign the routing symbols listed under that office to the head office of the Federal Reserve Bank of Cleveland. 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. District and revising the listings for the Fourth Federal Reserve Districts to read as follows: Appendix A to Part 229—Routing Number Guide to Next-Day Availability Checks and Local Checks * * * * * Fourth Federal Reserve District [Federal Reserve Bank of Cleveland] Head Office 0220 0223 0410 0412 0420 0421 0422 0423 0430 0432 0433 0434 0440 0441 0442 0515 0519 0720 0724 0740 0749 0813 0830 0839 0863 0910 0911 0912 0913 0914 0915 0918 0919 0960 * * * 2220 2223 2410 2412 2420 2421 2422 2423 2430 2432 2433 2434 2440 2441 2442 2515 2519 2720 2724 2740 2749 2813 2830 2839 2863 2910 2911 2912 2913 2914 2915 2918 2919 2960 * * By order of the Board of Governors of the Federal Reserve System, May 27, 2009. Robert deV. Frierson, Deputy Secretary of the Board. [FR Doc. E9–12925 Filed 6–2–09; 8:45 am] BILLING CODE 6210–01–P Authority and Issuance 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) 1. The authority citation for part 229 continues to read as follows: ■ FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Part 337 Interest Rate Restrictions on Insured Depository Institutions That Are Not Well Capitalized Authority: 12 U.S.C. 4001–4010, 12 U.S.C. 5001–5018. AGENCY: Federal Deposit Insurance Corporation (FDIC). ACTION: Final rule. 2. The Fourth and Ninth District routing symbol lists in appendix A are amended by removing the headings and listings for the Ninth Federal Reserve SUMMARY: The FDIC is amending its regulations relating to the interest rate restrictions that apply to insured depository institutions that are not well ■ PO 00000 Frm 00006 Fmt 4700 Sfmt 4700 E:\FR\FM\03JNR1.SGM 03JNR1

Agencies

[Federal Register Volume 74, Number 105 (Wednesday, June 3, 2009)]
[Rules and Regulations]
[Pages 26515-26516]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-12925]


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FEDERAL RESERVE SYSTEM

12 CFR Part 229

[Regulation CC; Docket No. R-1358]


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 the routing number 
guide to next-day availability checks and local checks in Regulation CC 
to delete the reference to the head office of the Federal Reserve Bank 
of Minneapolis and to reassign the Federal Reserve routing symbols 
currently listed under that office to the head office of the Federal 
Reserve Bank of Cleveland. These amendments reflect the restructuring 
of check-processing operations within the Federal Reserve System.

DATES: The final rule will become effective on July 25, 2009.

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 Dena L. Milligan, Attorney (202/452-
3900), 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

[[Page 26516]]

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 July 25, 2009, the Reserve Banks will transfer the check-
processing operations of the head office of the Federal Reserve Bank of 
Minneapolis to the head office of the Federal Reserve Bank of 
Cleveland. As a result of this change, some checks that are drawn on 
and deposited at banks located in the Minneapolis and Cleveland 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 Minneapolis and 
Cleveland to reflect the transfer of check-processing operations from 
the head office of the Federal Reserve Bank of Minneapolis to the head 
office of the Federal Reserve Bank of Cleveland. To coincide with the 
effective date of the underlying check-processing changes, the 
amendments to appendix A are effective July 25, 2009. The Board is 
providing notice of the amendments at this time to give affected banks 
ample time to make any needed processing changes. Early notice also 
will enable affected banks to amend their availability schedules and 
related disclosures if necessary and provide their customers with 
notice of these changes.\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 
section 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 amendments to appendix A of Regulation CC 
will delete the reference to the head office of the Federal Reserve 
Bank of Minneapolis and reassign the routing symbols listed under that 
office to the head office of the Federal Reserve Bank of Cleveland. 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 Fourth and Ninth District routing symbol lists in appendix A are 
amended by removing the headings and listings for the Ninth Federal 
Reserve District and revising the listings for the Fourth Federal 
Reserve Districts to read as follows:

Appendix A to Part 229--Routing Number Guide to Next-Day Availability 
Checks and Local Checks

* * * * *

Fourth Federal Reserve District

[Federal Reserve Bank of Cleveland]

Head Office

                   0220                                 2220
                   0223                                 2223
                   0410                                 2410
                   0412                                 2412
                   0420                                 2420
                   0421                                 2421
                   0422                                 2422
                   0423                                 2423
                   0430                                 2430
                   0432                                 2432
                   0433                                 2433
                   0434                                 2434
                   0440                                 2440
                   0441                                 2441
                   0442                                 2442
                   0515                                 2515
                   0519                                 2519
                   0720                                 2720
                   0724                                 2724
                   0740                                 2740
                   0749                                 2749
                   0813                                 2813
                   0830                                 2830
                   0839                                 2839
                   0863                                 2863
                   0910                                 2910
                   0911                                 2911
                   0912                                 2912
                   0913                                 2913
                   0914                                 2914
                   0915                                 2915
                   0918                                 2918
                   0919                                 2919
                   0960                                 2960
 

* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, May 27, 2009.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E9-12925 Filed 6-2-09; 8:45 am]
BILLING CODE 6210-01-P