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 Federal Reserve System 12 CFR Part 229
[Regulation CC; Docket No. R-1363]
 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 Chicago 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 September 12, 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 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 check-processing region and thus are local to one another. On September 12, 2009, the Reserve Banks will transfer the check-processing operations of the head office of the Federal Reserve Bank of Chicago 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 Chicago 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 Chicago and Cleveland to reflect the transfer of check-processing operations from the head office of the Federal Reserve Bank of Chicago to the head office of the Federal Reserve Bank of Cleveland. To coincide with the effective date of the underlying check-processing changes, 
                    ( print page 35114)
                    the amendments to appendix A are effective September 12, 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] 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 amendments to appendix A of Regulation CC will delete the reference to the head office of the Federal Reserve Bank of Chicago 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
 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: Authority:
                        12 U.S.C. 4001-4010, 12 U.S.C. 5001-5018. 2.The Fourth and Seventh District routing symbol lists in appendix A are amended by removing the headings and listings for the Seventh Federal Reserve District and revising the listings for the Fourth Federal Reserve District 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
22200223
22230410
24100412
24120420
24200421
24210422
24220423
24230430
24300432
24320433
24330434
24340440
24400441
24410442
24420515
25150519
25190710
27100711
27110712
27120719
27190720
27200724
27240730
27300739
27390740
27400749
27490750
27500759
27590813
28130830
28300839
28390863
28630910
29100911
29110912
29120913
29130914
29140915
29150918
29180919
29190960
29601040
30401041
30411049
3049
 
 By order of the Board of Governors of the Federal Reserve System, acting through the Secretary of the Board under delegated authority, July 14, 2009. Jennifer J. Johnson, Secretary of the Board.


# Footnotes

1.
    
                         For purposes of Regulation CC, the term “bank” refers to any depository institution, including commercial banks, savings institutions, and credit unions. Back to Citation
 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. Back to Citation


[FR Doc. E9-17103 Filed 7-17-09; 8:45 am] BILLING CODE 6210-01-P