The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Seventh District.
Appendix A provides a routing number guide that helps depository institutions determine the maximum permissible hold periods for most deposited checks.
As of January 31, 2009, the Des Moines office of the Federal Reserve Bank of Chicago no longer will process checks, and banks currently served by that office will be reassigned to the head office of the Federal Reserve Bank of Chicago.
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 Des Moines office of the Federal Reserve Bank of Chicago and reassigns the routing numbers listed thereunder to the head office of the Federal Reserve Bank of Chicago.
To coincide with the effective date of the underlying check processing changes, the amendments are effective January 31, 2009.
See the press for full details.