The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve Banks' check-processing operations, which may affect certain depository institutions in the Second District.
On December 12, 2009, the Federal Reserve Banks will transfer all check-processing operations of the head office of the Federal Reserve Bank of Philadelphia to the head office of the Federal Reserve Bank of Cleveland. (The Philadelphia head office currently provides check processing for institutions in the former EROC and Utica check zones, while the Cleveland head office already processes checks for institutions in the former Buffalo check zone.) The final rule adopted by the Board deletes the reference in Appendix A to the Philadelphia head office and reassigns the routing numbers listed thereunder to the Cleveland head office. To coincide with the effective date of the underlying check processing changes, the amendments are effective December 12, 2009.
These changes will affect the maximum permissible hold period for certain checks that 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 example, beginning on the effective date, all Second District institutions will be in the same check zone; therefore, all checks drawn on Second District institutions and deposited in the Second District will be considered local checks under Regulation CC.
For complete details, including all routing number prefixes included in the new Cleveland zone, see the Board’s press release and the accompanying Federal Register notice.
