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Amendments to Regulation CC, appendix A.

The Federal Reserve Board announced on February 8, 2005, amendments to appendix A of Regulation CC (Availability of Funds and Collection of Checks) that reflect the restructuring of the Federal Reserve's check-processing operations in the Sixth District. These amendments are the first in a series of amendments to appendix A that will take place through the first quarter of 2006, associated with the previously announced restructuring of the Reserve Banks' check-processing operations.

Appendix A provides a routing number guide that helps depository institutions determine the maximum permissible hold periods for most deposited checks. As of March 26, 2005, the Birmingham Branch office of the Federal Reserve Bank of Atlanta no longer processes checks, and banks served by that office have been reassigned to the Reserve Bank's head office in Atlanta. To ensure that the information in appendix A accurately describes the structure of check-processing operations within the Federal Reserve System, the final rule deletes the reference in appendix A to the Atlanta Reserve Bank's Birmingham Branch office and reassigns the routing numbers listed thereunder to the Reserve Bank's head office. To coincide with the effective date of the underlying check-processing changes, the amendments became effective March 26, 2005. As a result of these changes, some checks deposited in the affected regions that were nonlocal checks became local checks subject to shorter permissible hold periods.

The Federal Reserve Board announced on February 17, 2005, amendments to appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check-processing operations in the Fourth, Seventh, and Eleventh Districts.

As of April 16, 2005, the Detroit Branch office of the Federal Reserve Bank of Chicago no longer processes checks, and banks served by that office have been reassigned to the head office of the Federal Reserve Bank of Cleveland. As of April 23, 2005, the Houston Branch office of the Federal Reserve Bank of Dallas no longer processes checks, and banks served by that office have been reassigned to that Reserve Bank's head office. To ensure that the information in appendix A accurately describes the structure of check-processing operations within the Federal Reserve System, the final rule (1) deletes the reference in appendix A to the Chicago Reserve Bank's Detroit Branch office and reassigns the routing numbers listed thereunder to the Cleveland Reserve Bank's head office, and (2) deletes the reference in appendix A to the Dallas Reserve Bank's Houston Branch office and reassigns the routing numbers listed thereunder to that Reserve Bank's head office. To coincide with the effective date of the underlying check-processing changes, the amendments became effective April 16, 2005, and April 23, 2005, respectively. As a result of these changes, some checks deposited in the affected regions that were nonlocal checks became local checks subject to shorter permissible hold periods.
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Title Annotation:Collection of Checks
Publication:Federal Reserve Bulletin
Geographic Code:1USA
Date:Mar 22, 2005
Words:462
Previous Article:Federal Open Market Committee statements.
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