Impact on Second District Depository Institutions Following Changes to Fourth District Check Processing Operations - Circulars

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Circular

Impact on Second District Depository Institutions Following Changes to Fourth District Check Processing Operations

August 13, 2008

Circular No. 11978

Circular No. 11977 of August 12 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 changes may affect certain depository institutions in the Second District. Specifically, effective October 18, 2008, checks drawn on banks formerly assigned to the Cincinnati Branch of the Federal Reserve Bank of Cleveland will become local checks under Regulation CC for institutions formerly in the Buffalo check processing zone. This change will affect the maximum permissible hold period for certain checks customers deposit on or after the effective date.

For complete details, see the Board's press release and the accompanying Federal Register notice with a listing of affected routing numbers.

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