Amendments to Regulation CC, appendix A.The Federal Reserve Board on August 28, 2003, announced amendments to appendix A of Regulation CC, effective November 1, 2003, that reflect the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of the Federal Reserve's check processing operations in the Fourth District. These amendments are the first in a series of amendments to appendix A that will take place through the end of 2004, associated with the previously announced restructuring of the Reserve Banks' check processing operations. Appendix A provides a routing number guide that helps depository institutions Depository institution A financial institution that obtains its funds mainly through deposits from the public. This includes commercial banks, savings and loan associations, savings banks and credit unions. determine the maximum permissible per·mis·si·ble adj. Permitted; allowable: permissible tax deductions; permissible behavior in school. per·mis hold periods for most deposited checks. As of November 1, 2003, the Pittsburgh office of the Federal Reserve Bank of Cleveland The Federal Reserve Bank of Cleveland is the Cleveland-based headquarters of the U.S. Federal Reserve System's Fourth District. The district is composed of Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. no longer will process checks, and banks currently served by that office for check processing purposes will be reassigned to the Reserve Bank's head office in Cleveland. To reflect this operational change, the final rule deletes the reference in appendix A to the Pittsburgh office and reassigns the routing numbers listed there-under to the Reserve Bank's head office. As a result of this change, some checks deposited in the affected regions that currently are nonlocal nonlocal, adj having no specific space or time boundaries. A characteristic of prayer and healing intention. checks will become local checks that are subject to shorter permissible hold periods. The final rule also makes other minor technical changes to appendix A and to the Regulation CC Commentary (appendix E). |
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