January 02, 2008
Restructuring of the check processing operations of the Federal Reserve Banks of New York, Philadelphia, and Cleveland, Regulation CC
For immediate release
The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the check processing operations of the Federal Reserve Banks of New York, Philadelphia, and Cleveland, and provided notice relating to future changes to Appendix A.
Appendix A provides a routing symbol guide that helps depository institutions determine the maximum permissible hold periods for most deposited checks. To ensure that the information in Appendix A accurately describes the structure of check processing operations within the Federal Reserve System, the Board is amending the lists of routing symbols in Appendix A associated with the Federal Reserve Banks of New York, Philadelphia, and Cleveland to reflect the transfer of check processing operations from the Federal Reserve Bank of New York’s Utica office to the head offices of the Federal Reserve Banks of Philadelphia and Cleveland. To coincide with the effective date of the underlying reassignment of check processing functions, the amendments to Appendix A under the Federal Reserve Banks of New York and Cleveland that revise the listings for the Utica office and the Cleveland head office are effective February 23, 2008, and the amendments to Appendix A under the Federal Reserve Banks of New York and Philadelphia that revise the listings for the Philadelphia head office and delete the remaining listings for the Utica office are effective March 29, 2008. As a result of these changes, 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 attachment also provides advance notice that the Reserve Banks have decided to cease check processing operations, as they announced in June 2007, at all of their check processing offices except four--Cleveland, Philadelphia, Atlanta, and Dallas--between 2008 and early 2011. The attachment lists the branches and offices from which and to which the Reserve Banks plan to transfer check processing operations and the tentative timeframe for each transfer. The Board intends to publish each related amendment to Appendix A approximately 60 days prior to the effective date of the amendment to give affected banks ample time to make necessary changes.
The Board’s notice is attached.