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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
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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


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102