Release Date: May 30, 2006
For immediate release
The Federal Reserve Board on Tuesday announced amendments to Appendix A of Regulation CC that reflect the previously-announced restructuring of the Federal Reserve's check processing operations in the Second and Third Districts.
Appendix A provides a routing number guide that helps depository institutions determine the maximum permissible hold periods for most deposited checks. As of August 19, 2006, the East Rutherford office of the Federal Reserve Bank of New York no longer will process checks, and banks currently served by that office will be reassigned to the Federal Reserve Bank of Philadelphia. 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 New York Reserve Bank's East Rutherford office and reassigns the routing numbers associated with the East Rutherford office to the Philadelphia Reserve Bank. To coincide with the effective date of the underlying check processing changes, the amendments are effective August 19, 2006. 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 Board's notice is attached.