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110 BOARD OF G O V E R N O R S OF THE FEDERAL RESERVE SYSTEM % WASHINGTON x " 9685 Sec. 1233 FRA - 2 A D D R E S S OFFICIAL C O R R E S P O N D E N C E TO T H E BOARD August 28, 1956 Subject: Receipt of deposits by Federal Reserve banks from the Federal Deposit Insurance Corporation. Dear Sir: For your information there is inclosed herewith a copy of a letter received from the President of the Federal Reserve Bank of San Francisco, together with a copy of the Board's reply thereto, relating to the authority of Federal Reserve banks to accept deposits from the Federal Deposit Insurance Corporation consisting of funds held by the Corporation in its capacity as receiver of closed national banks. Very truly yours, L. P. Bethea, Assistant Secretary Inclosures TO PRESIDENTS OF ALI. FEDERAL RESERVE BANKS X-968i-a Sec. 12B FRAAugust 26, 1936. Mr. W. A. Day, President, Federal Reserve Bank of San Francisco, San Francisco, California. Dear Mr. Day: This refers to your letter dated August 14, 1936 in which you state that, in view of the Board's letter of August 4, 1936 (X-9666) expressing the conclusion that Federal Reserve banks may accept deposits from the Federal Deposit Insurance Corporation consisting of funds held by the Corporation in its capacity as receiver of closed insured State banks, you assume that Federal Reserve banks may accept deposits from the Federal Deposit Insurance Corporation consiting of funds held by the Corporation in its capacity as receiver of closed national banks It is the view of the Board that the provisions of section 12B(n)(l) of the Federal Reserve Act authorize Federal Reserve banks to accept deposits from the Federal Deposit Insurance Corporation consisting of funds held by the Corporation in its capacity as receiver of closed insured national banks under the provisions of section 12B(l)(5) of the Federal Reserve Act. Very truly yours, (Signed) Chester Morrill Chester Morrill, Secretary. X-9683-b Sec. 12B FRA-2 FEDERAL RESERVE BANK OF SAN FRANCISCO August 14, 1956. Board of Governors of the Federal Reserve System, Washington, D. C. Dear Sirs: In your letter of August 4, X-9666, you enclosed a copy of a letter from the Board to the President of the Federal Reserve Bank of Richmond, expressing the opinion that Federal Reserve banks may accept deposits from the Federal Deposit Insurance Corporation consisting of funds held by the Corporation in its capacity as receiver of closed, insured State banks. In view of this conclusion, it is assumed that Federal Reserve banks might likewise accept deposits from the Federal Deposit Insurance Corporation consisting of funds held by the Corporation in its capacity as receiver of closed National banks, if such deposits should be tendered by the Federal Deposit Insurance Corporation. We would appreciate your confirmation. Yours very truly, (Signed) Wm. A. Day President.
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