22666 Federal Register / Vol. 77, No. 74 / Tuesday, April 17, 2012 / Rules and Regulations 

1A contractual clearing balance is an amount that 

an institution contracts to maintain with a Reserve 

Bank in additional to any reserve balance 

requirement. 

2 77 FR 21846 (April 12, 2012). 

3 73 FR 59482 (October 9, 2008). 

4This schedule of posting rules does not affect 

the overdraft restrictions and overdraftmeasurement provisions for nonbank banks 

established by the Competitive Equality Banking 

Act of 1987 and the Board’s Regulation Y (12 CFR 

225.52). 

5 Institutions that are monitored in real time must 

fund the total amount of their commercial ACH 

credit originations in order for the transactions to 

be processed. If the Federal Reserve receives 

commercial ACH credit transactions from 

institutions monitored in real time after the 

scheduled close of the Fedwire Funds Service, 

these transactions will be processed at 12:30 a.m. 

the next business day, or by the ACH deposit 

deadline, whichever is earlier. The Account 

Balance Monitoring System provides intraday 

account information to the Reserve Banks and 

institutions and is used primarily to give authorized 

Reserve Bank personnel a mechanism to control 

and monitor account activity for selected 

institutions. For more information on ACH 

transaction processing, refer to the ACH Settlement 

Day Finality Guide available through the Federal 

Reserve Financial Services Web site at http:// 

www.frbservices.org. 

6The Reserve Banks will identify and notify 

institutions with Treasury-authorized penalties on 

Thursdays. In the event that Thursday is a holiday, 

the Reserve Banks will identify and notify 

institutions with Treasury-authorized penalties on 

the following business day. Penalties will then be 

posted on the business day following notification. 

FEDERAL RESERVE SYSTEM 

12 CFR Part 204 

[Docket No. OP–1440] 

Payment System Risk Policy; Daylight 

Overdraft Posting Rules 

AGENCY: Board of Governors of the 

Federal Reserve System. 

ACTION: Policy statement. 

SUMMARY: The Board of Governors of the 

Federal Reserve System (Board) has 

revised its Policy on Payment System 

Risk (PSR Policy) to modify the posting 

rules to conform with procedural 

changes to the redemption of separatelysorted savings bonds and to eliminate a 

reference to the contractual clearing 

balance program. 

DATES: Effective Date: The PSR Policy 

revisions concerning separately-sorted 

savings bond redemptions will take 

effect on April 11, 2012. Revisions 

related to the elimination of the 

contractual clearing balance program are 

effective July 12, 2012. 

FOR FURTHER INFORMATION CONTACT: 

Susan V. Foley, Associate Director, 

(202/452–3596) or Jeffrey D. Walker, 

Manager, Financial Risk Management, 

(202/721–4559), Division of Reserve 

Bank Operations and Payment Systems. 

For users of Telecommunications 

Device for the Deaf (TDD) only, please 

call 202/263–4869. 

SUPPLEMENTARY INFORMATION: 

I. Background 

Posting Rules for Separately-Sorted 

Savings Bond Redemptions 

The Board’s PSR Policy measures 

depository institutions’ intraday 

account balances according to a set of 

‘‘posting rules’’ that determine the 

intraday timing of debits and credits to 

institutions’ Federal Reserve accounts 

for different payment types. Posting 

rules currently specify that EZ-Clear 

savings bond redemptions in separatelysorted deposits will post at 8:30 a.m. 

Eastern time or 5 p.m. Eastern time, 

depending on the deposit time. 

As announced by the Department of 

the Treasury on March 20, 2012 (77 FR 

16165), effective April 11, 2012, 

Treasury is changing the procedures for 

financial institutions to transmit and 

receive settlement for redeemed 

definitive (paper) savings securities 

(savings bonds and savings notes) from 

the EZ-Clear system to an image-based 

securities process through the Federal 

Reserve Banks, and the EZ-Clear 

program will be decommissioned 

following the transition. The Reserve 

Banks will begin accepting redeemed 

savings bonds as electronic images on 

Monday, April 16, 2012. The Federal 

Reserve Bank of Atlanta will accept 

deposits of redeemed savings bonds in 

paper form, but the processing of the 

bonds will no longer be based on the 

EZ-Clear system. The posting rules for 

separately-sorted savings bond 

redemptions remain unchanged, except 

that references to the EZ-Clear system 

have been removed from the PSR Policy. 

Reference to the Contractual Clearing 

Balance Program 

Under the PSR Policy, each Reserve 

Bank has the right to protect its risk 

exposure from individual institutions by 

unilaterally imposing risk-control 

measures, including requiring an 

institution to maintain balances under 

the contractual clearing balance 

program.1 The Board, however, is 

amending Regulation D to eliminate the 

contractual clearing balance program on 

July 12, 2012.2 To conform to this 

amendment to Regulation D, the 

reference to clearing-balance 

requirements is being removed from the 

PSR policy. Instead, the PSR policy will 

reference the right of a Reserve Bank to 

impose balance requirements. 

Depository institutions may be eligible 

to earn interest on these required 

balances held in their Federal Reserve 

accounts.3

Policy on Payment System Risk 

The Federal Reserve Policy on 

Payment System Risk, Section II.A. 

under the heading ‘‘Procedures for 

Measuring Daylight Overdrafts’’ and the 

subheadings ‘‘Post at 8:30 a.m. Eastern 

time’’ and ‘‘Post at 5 p.m. Eastern time’’ 

is amended with changes as indicated in 

italics. 

Procedures for measuring daylight 

overdrafts 4

Post at 8:30 a.m. Eastern time: 

+/¥ Term deposit maturities and 

accrued interest 

+/¥ Government and commercial ACH 

credit transactions 5

+ Treasury Electronic Federal Tax 

Payment System (EFTPS) 

investments from ACH credit 

transactions 

+ Advance-notice Treasury investments 

+ Treasury checks, postal money 

orders, local Federal Reserve Bank 

checks, and savings bond 

redemptions in separately sorted 

deposits; these items must be 

deposited by 12:01 a.m. local time 

or the local deposit deadline, 

whichever is later. 

¥ Penalty assessments for tax 

payments from the Treasury 

Investment Program (TIP).6

Post at 5 p.m. Eastern time: 

+/¥ FedACH SameDay service 

transactions 

+ Treasury checks, postal money 

orders, and savings bond 

redemptions in separately sorted 

deposits; these items must be 

deposited by 4 p.m. Eastern time 

+ Local Federal Reserve Bank checks; 

these items must be presented 

before 3 p.m. Eastern time 

+/¥ Immediate-settlement ACH 

transactions; these transactions 

include ACH return items and 

check-truncation items. 

Additionally, in the Federal Reserve 

Policy on Payment System Risk, Section 

II.G.1 under the subheading ‘‘Ex post,’’ 

the phrase ‘‘clearing-balance 

requirements’’ will be replaced with 

‘‘balance requirements.’’ The new 

sentence will read ‘‘Each Reserve Bank 

retains the right to protect its risk 

exposure from individual institutions by 

unilaterally reducing net debit caps, 

imposing (additional) collateralization 

or balance requirements, rejecting or 

delaying certain transactions as 

described below, or, in extreme cases, 

taking the institution offline or 

prohibiting it from using Fedwire.’’ 


wreier-aviles on DSK5TPTVN1PROD with RULES
Federal Register / Vol. 77, No. 74 / Tuesday, April 17, 2012 / Rules and Regulations 22667 

By order of the Board of Governors of the 

Federal Reserve System, April 12, 2012. 

Jennifer J. Johnson, 

Secretary of the Board. 

[FR Doc. 2012–9211 Filed 4–16–12; 8:45 am] 

BILLING CODE 6210–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 73 

[Docket No. FAA–2012–0226; Airspace 

Docket No. 12–ASO–10] 

RIN 2120–AA66 

Amendment of Restricted Area R– 

2917, De Funiak Springs, FL 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule. 

SUMMARY: This action modifies 

restricted area R–2917 by reducing the 

lateral and vertical dimensions of the 

area. The U.S. Air Force has determined 

that a smaller restricted area is needed 

to ensure that aircraft carrying certain 

electro-explosive devices remain a safe 

distance from an FPS–85 radar site. 

DATES: Effective date 0901 UTC, May 31, 

2012. 

FOR FURTHER INFORMATION CONTACT: Paul 

Gallant, Airspace, Regulations and ATC 

Procedures Group, AJV–11, Office of 

Airspace Services, Federal Aviation 

Administration, 800 Independence 

Avenue SW., Washington, DC 20591; 

telephone: (202) 267–8783. 

SUPPLEMENTARY INFORMATION: 

Background 

On January 2, 1996, the FAA 

published a final rule in the Federal 

Register to expand the lateral and 

vertical dimensions of restricted area R– 

2917, De Funiak Springs, FL, which 

surrounds an FPS–85 radar system 

located at that site (61 FR 0004). The 

expanded restricted area consisted of a 

2.5 nautical mile radius, from the 

surface up to, but not including, Flight 

Level (FL) 230. The purpose of R–2917 

is to provide protected airspace around 

the radar site because the radio 

frequency (RF) energy emitted by the 

radar has the potential to activate 

electro-explosive devices (EED) carried 

on board certain aircraft. It should be 

noted that R–2917 is located within the 

confines of a much larger restricted area, 

R–2914A, which extends from the 

surface to unlimited altitude. 

A recent revision to Air Force 

explosive safety standards guidance 

revised the formula for computing the 

hazards to EED from FPS–85 RF 

radiation. As a result, a smaller safe 

separation distance is required for 

aircraft carrying EED. This allows the 

size of R–2917 to be reduced to a onenautical mile radius up to 5,000 feet 

MSL. The smaller restricted area R–2917 

remains totally contained within 

existing restricted area R–2914A. 

The Rule 

This action amends Title 14 Code of 

Federal Regulations (14 CFR) part 73 to 

change the lateral and vertical 

dimensions of R–2917, De Funiak 

Springs, FL, from the current 2.5- 

nautical mile radius circle, extending 

from the surface to, but not including FL 

230, to a one-nautical mile radius circle, 

extending from the surface to 5,000 feet 

MSL. 

Because this amendment reduces the 

size of restricted airspace within the 

confines of a larger existing restricted 

area and does not increase the burden 

on the public, notice and public 

procedures under 5 U.S.C. 553(b) are 

unnecessary. 

The FAA has determined that this 

action only involves an established 

body of technical regulations for which 

frequent and routine amendments are 

necessary to keep them operationally 

current. Therefore, this regulation: (1) Is 

not a ‘‘significant regulatory action’’ 

under Executive Order 12866; (2) is not 

a ‘‘significant rule’’ under DOT 

Regulatory Policies and Procedures (44 

FR 11034; February 26, 1979); and (3) 

does not warrant preparation of a 

regulatory evaluation as the anticipated 

impact is so minimal. Since this is a 

routine matter that will only affect air 

traffic procedures and air navigation, it 

is certified that this rule, when 

promulgated, will not have a significant 

economic impact on a substantial 

number of small entities under the 

criteria of the Regulatory Flexibility Act. 

Environmental Review 

The FAA has determined that this 

action qualifies for categorical exclusion 

under the National Environmental 

Policy Act in accordance with 311c., 

FAA Order 1050.1E, Environmental 

Impacts: Policies and Procedures. This 

action reduces the vertical and lateral 

dimensions of special use airspace; 

therefore, it is not expected to cause any 

potentially significant environmental 

impacts, and no extraordinary 

circumstances exists that warrant 

preparation of an environmental 

assessment. 

List of Subjects in 14 CFR Part 73 

Airspace, Prohibited areas, Restricted 

areas. 

Adoption of the Amendment 

In consideration of the foregoing, the 

Federal Aviation Administration 

amends 14 CFR part 73, as follows: 

PART 73—SPECIAL USE AIRSPACE 

■ 1. The authority citation for part 73 

continues to read as follows: 

Authority: 49 U.S.C. 106(g), 40103, 40113, 

40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959– 

1963 Comp., p. 389. 

§ 73.29 [Amended] 

■ 2. § 73.29 is amended as follows: 

* * * * * 

1. R–2917 De Funiak Springs, FL

[Amended] 

By removing the current Boundaries 

and Designated altitudes and 

substituting the following: Boundaries. 

A circle with a 1-nautical mile radius 

centered at lat. 30°34′21′′N., long. 

86°12′53′′W. 

Designated altitudes. Surface to 5,000 

feet MSL. 

Issued in Washington, DC on April 12, 

2012. 

Ellen Crum, 

Acting Manager, Airspace, Regulations and 

ATC Procedures Group. 

[FR Doc. 2012–9186 Filed 4–16–12; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF HEALTH AND 

HUMAN SERVICES 

Food and Drug Administration 

21 CFR Part 558 

[Docket No. FDA–2012–N–0002] 

New Animal Drugs for Use in Animal 

Feeds; Tiamulin 

AGENCY: Food and Drug Administration, 

HHS. 

ACTION: Final rule. 

SUMMARY: The Food and Drug 

Administration (FDA) is amending the 

animal drug regulations to reflect the 

withdrawal of approval of those parts of 

a new animal drug application (NADA) 

for a tiamulin Type A medicated article 

that pertain to the production 

indications for use of increased rate of 

weight gain and improved feed 

efficiency in swine. 

DATES: This rule is effective April 17, 

2012. 

FOR FURTHER INFORMATION CONTACT: 

Cindy L. Burnsteel, Center for 

Veterinary Medicine (HFV–130), Food 

and Drug Administration, 7500 Standish 


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