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FEDERAL RESERVE
OF NEW

BANK

YORK
f Circular No. 2 9 8 3 1
I
July 30, 1945
J

CONSUMER CREDIT
A M E N D M E N T NO. 17 T O R E G U L A T I O N W OF T H E B O A R D OF G O V E R N O R S
OF T H E F E D E R A L R E S E R V E SYSTEM

To Registrants under Regulation W, and
Others Concerned, in the Second Federal

Reserve

District:

The Board of Governors of the Federal Reserve System has adopted, effective
July 27, 1945, the following amendment to Regulation W dealing with consumer
credit.
A M E N D M E N T NO. 17 TO R E G U L A T I O N

W

ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Regulation W is hereby amended in the following respects, effective July 27, 1945.
1. B y changing section 8(d)

to read as follows:

(d) Military Aircraft Credits.—Any
extension of credit to
finance the purchase of military aircraft other than a primary trainer.
2. B y inserting in clause (1) of section 8(h) entitled " A g r i c u l tural L o a n s " the words " o r by any Federal land b a n k " following
the words " F e d e r a l Farm Mortgage Corporation".
3. B y changing section 8(1) to read as follows:
(I) Railroad Watches.—Any
extension of credit to finance
the purchase of a railroad standard watch (whether new or used)
by a railroad time service employee, provided the Registrant
obtains a statement signed by the division superintendent of the
railroad by which the purchaser is employed certifying that the
purchaser is required to carry such a watch in the performance
of his duties and has no watch suitable for the purpose.
4. B y changing Item 3 in Group
" L i s t e d A r t i c l e s " to read as follows:

A of section 1 3 ( a )

entitled

3. A i r c r a f t (including gliders) designed f o r a useful load of 1,000 pounds
or less.

Additional copies of this circular may be obtained upon request.




ALLAN

SPROUL,

President.

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