Academic journal article Federal Reserve Bulletin

Amendments to Regulation CC, Appendix A

Academic journal article Federal Reserve Bulletin

Amendments to Regulation CC, Appendix A

Article excerpt

The Federal Reserve Board on September 22, 2004, provided information about future amendments to appendix A of Regulation CC (Availability of Funds and Collection of Checks) that the Board will make in 2005 through early 2006 to reflect the restructuring of the Federal Reserve's check-processing operations.

Appendix A provides a routing number guide that helps depository institutions determine the maximum permissible hold periods for most deposited checks. Collectively, the amendments will reduce the number of check-processing regions listed in the appendix from thirty-two to twenty-three, resulting in some nonlocal checks in the affected regions becoming local checks that are subject to faster availability schedules. The Board intends to publish each amendment in the Federal Register at least sixty days before the effective date to allow ample time for depository institutions to make necessary changes.

The Board on September 22, 2004, also approved a final rule that deletes the reference in appendix A to the Indianapolis check-processing office of the Federal Reserve Bank of Chicago and reassigns the Federal Reserve routing symbols currently listed under that office to the Cincinnati office of the Federal Reserve Bank of Cleveland. …

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