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v FEDERAL RESERVE BOARD 361 WASHINGTON a d d r e s s o f f i c i a l c o r r e s p o n d e n c e TO X—7930 t h e federal reserve board June 23, 1934. SUBJECT: Publication of Reports of Affiliates of State Member Banks. Dear Sir: Under the terms of Section 9 of the Federal Reserve Act, each State bank which is a member of the Federal Reserve System is required to publish the reports of each of its affiliates and holding company affiliates other than member banks under the same conditions as govern its own condition reports. In view of the fact, however, that there is no provision in the Federal law requiring the publication of condition reports submitted by State member banks to the Federal Reserve Board, the Board has ruled that a State member bank must publish the reports of its affiliates only if publication of the member bank's own condition report is required under State law, and that the conditions governing the method and time of publishing the reports of such affiliates depend upon the requirements of State law governing the method and time of the publication of such bank's own condition reports. Inasmuch as calls for condition reports by State banking authorities frequently do not correspond in number or in date with calls issued by the Federal Reserve Board, the following rules should be observed in connection with the publication of the reports of affiliates (including X-7930 ; 362 — 2 — holding company affiliates) of State member "banks: 1. If a call requiring a report of condition of a State member "bank is made "by the supervisory authorities of a State as of the same date as a call "by the Federal Reserve Board for reports of State member banks and affiliates, and if publication of the report of condition of such State member bank rendered to the State authorities is required pursuant to State law, the report of each affiliate and. holding company affiliate (other than a member bank) of such State member bank rendered pursuant to the Board's call should bo published in the same newspaper and on the same date as the report of condition of the State member bank rendered pursuant to the call by the State authorities. 2. In the event that the supervisory authorities of a particular State do not maize a call for the reports of condition of banks incorporated under the laws of such State as of the sane date as the Board's call for the reports of State member banks and affiliates, the report of each affiliate and holding company affiliate (other than a member bank) of a member bank incorporated under the laws of such State which is rendered pursuant to the Board's call should be published in the same newspaper and on the same date as the report of condition of such State member bank rendered pursuant to the next succeeding call of the supervisory authorities of the State, except as stated in paragraphs 3 and 4 hereof. 3. If two or more calls for the reports of State member banks and affiliates are made by the Board without an intervening or coincident call by the supervisory authorities of a particular State, each State member "bank in such State should publish, along with the report of its condition rendered pursuant to the next succeeding call of the State authorities and published pursuant to the requirements of State law, only the reports of its affiliates aid holding company affiliates (other than member hanks) rendered pursuant to the call by the Federal Reserve Board next preceding the call "by the State authorities. 4, If two or more calls for the reports of State member banks and affiliates are made by the Federal Reserve Board without an intervening call by the supervisory authorities of a particular State, but a call by such State authorities is made as of the same date as the last of such calls by the Board for the reports of State member banks and affiliates, each State member bank in such State should publish, along with the report of its condition rendered pursuant to said call by the State authorities and published pursuant to the requirements of State law, only the reports of its affiliates and holding company affiliates (other than member banks) rendered pursuant to the last of such calls by the Federal Reserve Board. 5. Regardless of the date of publication, published reports of affili- ates and holding company affiliates of State member banks must always be as of the date of the Board's call, and not as of the date of the State call, In order to insure that reports of affiliates and holding company affiliates are published under the same conditions as govern the publication of condition reports of State member banks submitted to State authorities, it is requested that counsel for your bank procure complete o X-7930 - 4 - information as to the State laws and regulations governing such publication, and that a statement thereof accompanied by a copy of the laws and regulations "be furnished the Board. It is also requested that the Board be advised currently of changes in the State laws and regulations governing publication of condition reports "by State banks, and that the Board's attention be called to the failure of any State member bank to have reports of its affiliates and holding company affiliates (other than member banks) published in accordance with the conditions governing the publication of condition reports of State banks submitted to State authorities. Very truly yours, Yf)<rvuJj^ Chester Morrill, Secretary. TO ALL F. E. AGENTS.
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