The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
Conforming Amendments to Appendices A and B of Regulation CC
To All Depository Institutions, and Others Concerned, in the Second Federal Reserve District:
Effective October 15, 1996, the final phase of the consolidation at our East Rutherford Operations Center (EROC) of all downstate New York check processing operations will be completed. At that time, we will discontinue processing checks at our Jericho Office and will incorporate the Jericho check processing territory into the East Rutherford check processing territory.
Accordingly, the routing number list in Appendix A of Regulation CC (Availability of Funds and Collection of Checks) is being changed to reflect this consolidation. In addition, the reference in Appendix B to routing numbers formerly assigned to the Jericho Office that were subject to a reduced availability schedule for depositary banks in the East Rutherford check processing territory is being deleted, because those routing numbers will be all "local" with respect to the East Rutherford check processing territory.
The consolidation of check-processing regions may require some banks to adjust their internal procedures for assigning funds availability. Banks also need to reflect any availability policy changes in their disclosures, as the availability for certain checks may be improved.
The text of the amendments, is published in the Federal Register of May 21.
Questions on this matter may be directed to the individuals listed below.
Don Anderson, EROC (201) 531-3410 Regional Check Manager
Reggie Skowronski, EROC (201) 531-3350 Staff Director
Matt Puglisi, Jericho (516) 997-4569 Regional Check Manager
Mary Anne Banevicius, Jericho (516) 997-4905 Staff Director