Full text of Mimeograph Letters and Statements of the Board : Interpretation of Law or Regulation: Bank Discounting Obligation Not Obliged to Ascertain Whether Original Lender Is Licensed Registrant Under Section 3(a)(2) (b) of Regulation W, Number S-332, Volume 55, Page 315

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S-332
Reg. WINTERPRETATION OF LAW OR REGULATION
(Copies to be sent to all Federal Reserve Banks)

TELEGRAM
September 12, 1 % 1
Young - Boston
Sproul - New York
Williams - Philadelphia
Fleming - Cleveland
Leach - Richmond
McLarin - Atlanta

Young - Chicago
Davis - St. Louis
Peyton- Minneapolis
Leedy - Kansas CityGilbert - Dallas
Day - San Francisco

In view of provisions of section 3(a)(2)(B), bank
which discounts an obligation which is subject to the Regulation is not obliged to ascertain whether the original
lender is a duly licensed Registrant.




Morrill