FED Restructures Check Processing in 12th District - Final Rule

CUNA
July 3, 2007

The Federal Reserve Board issued final rules amending appendix A of Regulation CC to coincide with the restructuring of the Federal Reserve's check processing operations in the twelfth district. This change is a part of a series of amendments that have been taking place. The head office of the Federal Reserve Bank of San Francisco no longer will process checks as of August 18, 2007. Financial institutions currently served by the San Francisco branch will be reassigned to the Los Angeles branch office of the Federal Reserve Bank of San Francisco . When these changes are implemented, some checks deposited in the affected region that are currently nonlocal checks will become local checks and subject to shorter permissible hold periods. Credit unions may have to amend their availability schedules and related disclosures, if necessary. The amendments to appendix A are effective on August 18, 2007.

If you have any questions or need a copy of the rule, please feel free to contact Associate General Counsel Mary Dunn by e-mail at mdunn@cuna.coop or by telephone at (800) 356-9655, extension 6736, or contact Assistant General Counsel Lilly Thomas by e-mail at lthomas@cuna.com or by telephone at (800) 356-9655, extension 6733.

You may access the rules at the following address: http://www.federalreserve.gov/boarddocs/press/bcreg/2007/20070620/attachment.pdf