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F E D E R A L R E SE R V E BANK OF NEW YORK r Circular N o. 3 6 1 4 1 L Novem ber 13, 1950 J R E S ID E N T IA L R E A L E S T A T E C R E D IT Amendment No. 1 to Regulation X of the Board of Governors of the Federal Reserve System, Effective November 14, 1950 To all Persons Engaged in the Business o f Extending Real Estate Credit in the Second Federal Reserve D istrict: The Board of Governors of the Federal Reserve System has adopted Amendment No. 1 to Regulation X , effective November 14, 1950. Following is the text of the statement issued by the Board of Governors relating to the amendment: F o r release in m orning papers Tuesday, November 14, 1950. November 13, 1950. The B oard o f Governors o f the Federal Reserve System announced today an amendment to Regulation X , covering residential real estate credit, which exempts from the prohibitions o f the regulation real estate construction credit extended p rior to May 1, 1951, on new construction begun p rior to October 12, 1950, the effective date o f the regulation. The amendment also extends until December 31, 1950, the time permitted fo r filing with the Federal Reserve Banks statements o f facts with respect to unwritten agreements to extend credit which were entered into prior to October 12. A printed copy o f Amendment No. 1 to Regulation X is enclosed; additional copies may be obtained upon request. A llan S proul, President. R E SID E N T IA L R E A L E STA TE C R ED IT AM EN DM EN T NO. 1 TO R E G U L A T IO N X ISS U E D B Y T H E B OARD O P G O V E R N O R S O F T H E F E D E R A L R E S E R V E S Y S T E M W I T H T H E C O N C U R R E N C E OF T H E H O U S IN G A N D HOME F IN A N C E A D M IN IS T R A T O R Regulation X is hereby amended in the follow ing respects, effective November 14, 1950: 1. B y striking out “ within 30 days after the effective date of this regulation” in the last sentence o f section 6 ( 6 ) and inserting in lieu thereof “ prior to January 1, 1951.” 2. B y adding the follow ing subsection ( k) to section 5 : “ ( k ) New Construction Begun B efore O ctober 12, 1950.— The prohibitions o f this regulation shall not apply to any real estate construction credit extended p rior to M ay 1, 1951 with respect to new construction begun prior to October 12, 1950.” P R IN T E D I S N E W YORK