To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
In a press release, the Federal Reserve System announced a series of amendments to Appendix A of Regulation CC that the Board will make later in 2003 through the end of 2004 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 Appendix A from 44 to 32, resulting in some nonlocal checks in the affected regions becoming local checks that are subject to faster availability schedules. The Board will publish each amendment in the Federal Register at least 60 days before the effective date to allow ample time for depository institutions to make necessary changes.
The Board also approved a final rule that deletes obsolete numbers from and adds new numbers to the list of routing numbers in Appendix A for checks drawn on Federal Reserve Banks and Federal Home Loan Banks.
The final rule and amendments will become effective July 22, 2003.
The Board's Federal Register notice relating to these actions is attached.
Questions on this matter may be directed to Adrianne G. Threatt at (202) 452-3554 or Jeffrey S.H. Yeganeh at (202) 728- 5801 at the Board.