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FORTNER, BAYENS, LEVKULICH & GARRISON, P.C.
Certified Public Accountants

Federal Reserve Board Regulation CC (Funds Availability) Changes

By: Fran Sponsler, CRCM and Melissa Good
Date: 8/13/09

Effective June 27, 2009, the Board of Governors of the Federal Reserve System reassigned the routing numbers from the Kansas City Federal Reserve Branch to the Los Angeles Branch of the San Francisco Federal Reserve and the Dallas Federal Reserve head offices. 

What does this mean for your Bank?
Local routing numbers will be those under the Federal Reserve Bank of Dallas.  A full listing of these routing numbers can be located on the Federal Reserve website under Regulations/Regulatory Amendments.  Routing numbers beginning with 12 and 32 will be moved to the Los Angeles Branch and will no longer be considered local.

What does your Bank need to do to comply?
Banks will need to update the Regulation CC Hold Policy and Procedures and/or any documents used for staff training on how to invoke a hold to ensure funds are being held for the appropriate amount of time.  As is the case currently, banks are not required to provide customers with a listing of the updated routing numbers.