Restructuring of check processing operations in the Third and Fourth districts, Regulation CC
The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve Banks' check-processing operations.
(Media-Newswire.com) - The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve Banks' check-processing operations.
Appendix A provides a routing symbol guide that helps depository institutions determine the maximum permissible hold periods for most deposited checks. On December 12, 2009, the Reserve Banks will transfer the check-processing operations of the head office of the Federal Reserve Bank of Philadelphia to the head office of the Federal Reserve Bank of Cleveland. 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 Philadelphia head office and reassigns the routing numbers listed thereunder to the Cleveland head office. To coincide with the effective date of the underlying check processing changes, the amendments are effective December 12, 2009.
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