The Board of Governors of the Federal Reserve System has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve Banks' check-processing operations in the Fourth and Seventh Districts, which may affect certain depository institutions in the Second District. Specifically, effective September 12, 2009, checks drawn on institutions now assigned to the head office of the Federal Reserve Bank of Chicago will become local checks under Regulation CC for institutions in the former Buffalo check-processing zone since all such institutions will then be part of the Federal Reserve Bank of Cleveland check-processing zone.
This change will affect the maximum permissible hold period for certain checks customers deposit on or after the effective date. Some checks deposited in the affected region that currently are nonlocal checks will become local checks that are subject to shorter permissible hold periods.
For complete details, see the Board’s press release and the accompanying Federal Register notice with a listing of all affected routing numbers.
See press release.