May 15, 2007
Restructuring of the check processing operations of the Federal Reserve Bank of Atlanta and future changes to Appendix A of Regulation CC
For immediate release
The Federal Reserve Board on Tuesday announced the approval of amendments to Appendix A of Regulation CC that reflect the restructuring of the check processing operations of the Federal Reserve Bank of Atlanta and provide 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 list of routing symbols in Appendix A associated with the Federal Reserve Bank of Atlanta to reflect the transfer of check processing operations from that Reserve Bank’s Nashville branch office to its head office. These amendments are effective July 21, 2007, to coincide with the effective date of the underlying reassignment of check processing functions. 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 transfer the check-processing operations of two offices in the second half of 2007. Specifically, checks currently processed at the Helena branch office of the Federal Reserve Bank of Minneapolis will be processed at the Denver branch office of the Federal Reserve Bank of Kansas City, and checks currently processed at the head office of the Federal Reserve Bank of San Francisco will be processed at the Los Angeles branch office of that Reserve Bank. The Board intends to publish the associated amendments to appendix A at least sixty days prior to the effective date of the amendment in order to give affected banks ample time to make processing changes and, if necessary, amend their availability schedules and related disclosures and provide their customers with notice of any changes to their availability schedules.
The Board’s notice is attached.