FEDERAL RESERVE BANKOF NEW YORK

r Circular No. 8 9 1 9 1 L September 19, 1980 J

D IS T R IB U T IO N O F O F F IC IA L C O M M U N IC A T IO N S TO D E P O S IT O R Y IN S T IT U T IO N S A N D O T H E R S

To the Chief Executive Officers of A ll Depository Institutions, and Others Concerned, in the Second Federal Reserve District:

Circulars of this BankWith the implementation of the Monetary Control Act of 1980, this Bank will be communi­

cating on a regular basis with all depository institutions—member and nonmember commercial banks, U.S. branches and agencies of foreign banks, Edge and Agreement corporations, savings banks, savings and loan associations, and credit unions—in this District. Federal Reserve Bank communications—called “circulars”—are issued to transmit or explain changes in regulations of the Board of Governors of the Federal Reserve System; to announce offerings of securities by the U.S. Treasury Department; to notify depository institutions and others of changes in this Bank’s policies or procedures; or to make important statements on other matters of interest to depository institutions and others.

These circulars will be mailed directly to your institution, at its main office. If, in. addition, you wish to have circulars addressed to a particular individual or office at your institution, you should so advise the Circulars Division of this Bank.

Regulations, interpretations, and Operating circularsExcept for those institutions that have already received their binders, each depository insti­

tution that is subject to the reserve requirements of the Monetary Control Act will be provided, upon written request to our Circulars Division, with binders containing the Regulations of the Board of Governors of the Federal Reserve System, the Published Interpretations of the Board of Governors, and the Operating Circulars of this Bank. Tables of contents for those materials are enclosed with this circular.

Requests for certain printed matterAdditional binders containing regulations, interpretations, and operating circulars will be

available for purchase on request, by mail or in person at our Circulars Division, at the prices set forth below, which are based on our current costs and are subject to change. Unbound sets of regu­lations and/or operating circulars will be available for purchase at a slightly lower cost, as indicated.

Published Operating

Unbound sets (includes cost ofRegulations Interpretations Circulars

paper, printing, and handling) $ 9.00 * $ 7.50Sets with looseleaf bindersPostage and additional handling charges

for mailing sets to purchaser—

$21.50 $7.50 $14.00

without binder $ 3.50 * $ 3.00with binder

*Published Interpretations are not sold without binders.

$ 4.00 $3.50 $ 3.50

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Copies of specific circulars, regulations, and operating circulars, and certain other published documents, will be supplied to persons or organizations free of charge; however, the Bank reserves the right to impose a charge on requests for large orders.

AH requests for materials should be directed, either in writing or in person, to the Circulars Division of this Bank. Where fees are required, requests should be accompanied by checks for the appropriate amounts. As is our usual practice, the names of those who purchase complete sets of the foregoing publications will be placed on a mailing list to receive any revisions of the materials.

Requests for mailing list changesWe will also accept requests, in writing or in person, to add names to our mailing lists for

circulars, regulations, or other printed matter distributed by the Circulars Division; however, t e l e p h o n e requests to make additions to the lists cannot be accepted. Written requests should be directed to the Circulars Division, and should specify the types of published materials desired.

If your name already appears on one of the Bank’s mailing lists, and you wish to change or correct your address, you should return the incorrect address label with your requested changes or corrections.

Effect of this circular on previous circularThis circular supersedes Circular No. 8358, dated May 29, 1978.

* * * *

Questions regarding these procedures should be directed to the Circulars Division of this Bank (Tel. No. 212-791-5216 or 5212).

A n t h o n y M . S o lo m o n ,P r e s i d e n t .

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CONTENTSTitle of Operating Circular

Authorized Signatures (Restricted) .........................................................Reserves of Member Banks....................................................................Currency and Coin ................................................................................Collection of Cash Items ........................................................................Time Schedules—Availability of Credit for Cash Item s...................

New York Head Office Time Schedule—Appendix No. 1 Jericho Office—Long Island Regional Check Processing Center

(LIRCPC) Time Schedule—Appendix No. 1-A Jericho Office—Downstate New York Regional Check Processing

Center (DNYRCPC) Time Schedule—Appendix No. 1-B Utica Office—Northeastern New York Regional Check Processing-

Center (NNYRCPC) Time Schedule—Appendix No. 1-C Cranford Office—North Jersey Regional Check Processing Center

(NJRCPC) Time Schedule—Appendix No. 1-D Buffalo Branch Time Schedule—Appendix No. 2 Western New York Regional Check Processing Center

(W NYRCPC) Time Schedule—Appendix No. 2-AInstructions to Collecting Banks and Paying Banks .........................Saturday Closing ....................................................................................Collection of Noncash Item s..................................................................

Payment for Coupons—AppendixReserved .............................................................................................................Wire Transfers of Funds ......................................................................

Schedule of Time Limits for Wire Transfers of Funds—AppendixFederal Recurring Payments ................................................................Advances and Discounts ........................................................................Discount Rates ........................................................................................Safekeeping, Handling, and Shipment of Definitive Securities.........Payment of Interest on Time and Savings Deposits.........................Federal Reserve Bank Stock..................................................................Transactions in Marketable U.S. Treasury and Agency'Securities....

Redemption of Treasury Bonds To Pay Federal Estate Taxes—Appendix

Deposit of Federal Taxes and other Public Monies with DepositaryBanks; Maintenance of Treasury Tax and Loan Accounts.........

Reports of Transactions in Foreign Exchange, Transfers ofCredit, and Export of Coin and Currency........................................

United States Savings Bonds, Series E—Instructions toIssuing Agents ....................................................................................

Book-Entry Securities ............................................................................Text of Subpart O of Treasury

Department Circular No. 300—Appendix A Federal Agencies with Book-Entry

Regulations—Appendix B Correlation Table of Treasury

and Agency Book-Entry Regulations—Appendix C Book-Entry Treasury Bills—Appendix D Agency Securities Available in Book-Entry

Form Only—Appendix E

FED ER AL RESERVE B A N KOF N E W YO R K

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Rev. 9/80Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTSRules of the Board of G overnors of the Federal R eserve System

Rules Regarding Availability of Information

Rules Regarding Access to and Review of Personal Information in Systems of Records

Rules Regarding Public Observation of Meetings

Rules Regarding Delegation of Authority

Rules of Organization

Rules of Procedure

Rules of Practice for Hearings

Regulations of the Board of Governors of the Federal Reserve System

Extensions of Credit by Federal Reserve Banks ................................................ AEqual Credit O pportunity...................................................................................... BHome Mortgage Disclosure..................................................................................... CReserve Requirements of Depository Institutions (eff. AW. IS, 19X0).............. DElectronic Fund Transfers ..................................................................................... ESecurities of Member Stale B anks........................................................................ FSecurities Credit Transactions—

Rules Governing Borrowers Who Obtain Securities C red it..................... XSecurities Credit by Persons Other Than Banks, Brokers, or Dealers . . . GCredit by Brokers and D ealers.................................................................... TCredit by Banks for the Purpose of Purchasing

or Carrying Margin Stocks ...................................................................... UMembership of State Banking Institutions

in the Federal Reserve System ...................................................................... HIssue and Cancellation of Capital Stock of Federal Reserve B anks.................. ICollection of Checks and Other Items and Transfers of Pounds......................... JInternational Banking Operations......................................................................... KManagement Official Interlocks............................................................................. LRelations with Foreign Banks and Bankers......................................................... NLoans to Executive Officers, Directors, and Principal Shareholders

of Member Banks............................................................................. ............. 0Minimum Security Devices and Procedures for Federal Reserve Banks

and State Member B an k s............................................................................. PInterest on Deposits................................................................................................. QRelationships with Dealers in Securities Under Section 32 of the

Banking Act of 1933 ...................................................................................... RReimbursement to Financial Institutions for Assembling

or Providing Financial Records.................................................................... SLoan Guarantees for Defense Production............................................................. VBank Holding Companies and Change in Bank Control .................................... YTruth in Lending .................................................................................................... ZUnfair or Deceptive Acts or Practices.................................................................. AACommunity Reinvestment...................................................................................... BB

Rules of O rganization and P rocedure of the Consum er Advisory Council

Rev. 9/80

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PUBLISHED INTERPRETATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

GENERAL TABLE OF CONTENTS

PART I. FEDERAL RESERVE BANKSBtfina with

CHAPTER 1. Organization of Federal Reserve Banks............................. If 1CHAPTER 2. Receipt of Deposit* by Federal Reserve Banks................ 51 300CHAPTER 3. Discounts and Advances by Federal Reserve Banks....... 51 400CHAPTER 4. Collection Functions of Federal Reserve Banks.............. 51 1800CHAPTER 3. Federal Reserve Notes............................................................ 51 2000

PART H. MEMBER BANKS

CHAPTER 6. Membership of State Banks................................................... 51 2200CHAPTER 7. Domestic Branches................................................................... 51 2500CHAPTER 8. Mergers and Consolidations.................................................. 51 2600CHAPTER 9. Reserves of Member Banks.................................................... 51 2700CHAPTER 10. Interest on Deposits in Member Banks............................... 51 3000CHAPTER 11. Loans and Investments of Member Banks......................... 51 3700CHAPTER 12. Member Bank Deposits with Nonmember Banks............ 51 4400CHAPTER 13. Affiliates...................................................................................... 51 4500CHAPTER 14. Securities Companies and Member Banks......................... 514600CHAPTER 15. Interlocking Bank Directorates.............................................. 51 4800CHAPTER 16. Securities of Member State Banks........................................ 51 5000CHAPTER 17. Bank Service Corporations..................................................... 515400

PART IB. FOREIGN OPERATIONS

CHAPTER 18. Foreign Operations................................................................... 51 5600

PART IV. MARGIN REQUIREMENTS

CHAPTER 19. Margin Requirements for Brokers and Dealers................. 51 5800CHAPTER 20. Margin Requirements for Lenders other than Brokers or

Dealers.................................................................................... 51 6400

PART V. HOLDING COMPANIES

CHAPTER 21. Bank Holding Companies....................................................... 51 7000

PART VI. OPEN MARKET OPERATIONS

CHAPTER 22. Open Market Operations......................................................... 51 7500

PART VH. TRUTH IN LENDING

CHAPTER 23. Truth in Lending........................................................................ 51 8500

Table showing location in this Service of text of interpretations codifiedin the Code of Federal Regulations........................................................... p. 697

Table showing page number in Federal Reserve BULLETIN and cor­responding paragraph number in this Service........................................ p. 699

Index.............................................................................................. p. 701

PART VIII. EQUAL CREDIT OPPORTUNITYCHAPTER 24. Equal Credit O pportunity ............................................... «j 9000

PART IX. HOME MORTGAGE DISCLOSURECHAPTER 25. Home Mortgage D isc lo su re ............................................. 5 10010

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