OCC - 6     
Subject: Regulation CC
Description: Advance notice of proposed rulemaking
Date: February 4, 1999

TO:  Chief Executive Officers and Compliance Officers of all
     National Banks, Department and Division Heads, and all
     Examining Personnel


The Board of Governors of the Federal Reserve System (board)
published the attached advance notice of proposed rulemaking in
the Federal Register on December 15, 1998.   The board requests
comment on the potential benefits and drawbacks of a modification
to Regulation CC.  This modification would shorten the
availability schedule that currently applies for most nonlocal
checks from five to four business days.  However, a depositary
bank would have the option of retaining a five-business-day
schedule for selected categories of nonlocal checks.  To take
advantage of this option, banks would have to certify that a
significant proportion of returned checks fail to arrive within
four business days. 

Written comments should be submitted on or before March 15, 1999,
to the Board of Governors of the Federal Reserve System, 20th
Street and Constitution Avenue, NW, Washington, DC 20551.

For more information, contact your supervisory office or Carol
Workman, compliance specialist, Community and Consumer Policy at
(202) 874-4446.




                                                       
Nanette G. Goulet
Acting Deputy Comptroller
Community and Consumer Policy

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