The Board of Governors of the Federal Reserve System recently announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Third and Fifth Districts, which may affect certain depository institutions in the Second District. Specifically, effective April 18, 2009, checks drawn on banks now assigned to the Baltimore office of the Federal Reserve Bank of Richmond will become local checks under Regulation CC for institutions formerly in the Utica and East Rutherford check processing zones.
This change will affect the maximum permissible hold period for certain checks customers deposit on or after the effective date. Some checks deposited in the affected regions that currently are nonlocal checks will become local checks that are subject to shorter permissible hold periods.
For complete details, see the Board's press release and the accompanying Federal Register notice with a listing of all affected routing numbers.
