Full text of Mimeograph Letters and Statements of the Board : Letter From Secretary Morrill re Comptroller's "Interpretive Rulings with Respect to Section 5136, U. S. R. S." Dated February 15, 1936, Number X-9563, Volume 44, Page 469

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469

BOARD OF GOVERNORS

X-9563

• F THE

*******

FEDERAL RESERVE SYSTEM
WASHINGTON
address

April 25, 1936.

o f f i c i a l
t o

the

c o r r e s p o n d e n c e
board

SUBJECT: Comptroller's "Interpretative Rulings
With Respect To Section 5136, U.S.R.S."
Dated February 15, 1936*

Dear Sir:
For your information there is quoted below an extract from
a letter sent by the Board to the Assistant Federal Reserve Agent
at San Francisco regarding an inquiry from a State member bank concerning the "Interpretative Rulings With Respect to Section 5136,
U.S.R.S. % issued t y the Comptroller of the Currency under date of
r
February 15, 1936:




While the practices covered by questions (a), (b),
(d), and (f) on page 2 of the letter from the State
member bank are not fully described, it appears, on
the basis of the information presented, that a State
member bank is not prohibited from engaging in such
practices by the provisions of section 5136 or the
"Regulations" of the Comptroller issued thereunder.
These questions, as well as question numbered 3 on
page 2 of such letter, appear to relate to the provisions of the "Interpretative Rulings With Respect
To Section 5136, U.S.R.S.", which were issued to all
national banks by the Comptroller under date of
February 15, 1936. Although the limitations and conditions of section 5136, including the limitations
and conditions contained in the Comptroller's regulations issued pursuant to such section, are made applicable to State member banks by the provisions of
section 9 of the Federal Reserve Act, it will be
observed that the "Interpretative Rulings With
Respect To Section 5136, U.S.R.S.dated February

-2-

15, 1956, are addressed only to national banks,
it is understood that they were not intended to
to State member banks. Accordingly, it appears
unnecessary to answer the questions relating to
"Interpretative Rulings."
Very truly yours,

Chester Morrill,
Secretary.

TO ALL FEDERAL RESERVE AGENTS




X-9563
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