To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
In a press release, the Federal Reserve Board announced amendments to Appendix A of Regulation CC, that reflect the restructuring 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.
The final rule will become effective on November 1, 2003.
Appendix A provides a routing number guide that helps depository institutions determine the maximum permissible hold periods for most deposited checks. As of November 1, 2003, the Pittsburgh office of the Federal Reserve Bank of Cleveland 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 thereunder to the Reserve Bank's head office. As a result of this change, some checks deposited in the affected regions that currently are nonlocal 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).
The Board's Federal Register notice relating to these actions is attached.
Questions on this matter may be directed at the Board to Jack K. Walton II, Assistant Director, Jeffrey S. H. Yeganeh, Manager, Division of Reserve Bank Operations and Payment Systems or to Adrianne G. Threatt, Counsel, Legal Division.