Check Restructuring Initiative at the Reserve Banks
In February 2003, the Federal Reserve Banks announced an initiative to reduce the
number of locations at which they process checks from 45 to 32. The Reserve Banks
announced two further rounds of restructurings in August 2004 and May 2005 that
will reduce the number of check processing locations to 22 by the end of 2006. For
further information see the
Reserve Banks' Financial Services web site.
To reflect the underlying changes in the Reserve Banks' operations, the Federal
Reserve Board is periodically
amending the routing symbol lists in appendix A of Regulation CC. Each amendment
deletes the appendix's reference to the Reserve Bank office that will no longer
process checks and reassigns that office's routing symbols to another Reserve Bank
office. The effective date of each final rule coincides with the effective date
of the underlying Reserve Bank check processing changes. For example, checks previously
processed by the Federal Reserve's Pittsburgh office began to be handled by the
Cleveland office on November 1, 2003 . Correspondingly, the Board's final rule effective
November 1, 2003 , deleted appendix A's reference to the Pittsburgh office and reassigned
the routing symbols that had been listed under that office to the Cleveland office.
To give affected banks ample time to make any needed processing changes, the Board
is publishing each final rule in the Federal Register at least sixty days prior
to the elimination of check operations at the applicable Reserve Bank office.