View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Federal Reserve Bank of Dallas
2200 N. PEARL ST.
DALLAS, TX 75201-2272

September 13, 2005
Notice 05-47
TO: The Chief Executive Officer of each
financial institution and others concerned
in the Eleventh Federal Reserve District

SUBJECT
Proposed Amendments to Regulation E (Electronic Fund Transfers)
Regarding Disclosure Obligations of ATM Operators
DETAILS
The Board has published for comment a proposal to amend Regulation E, which
implements the Electronic Fund Transfer Act (EFTA). The proposal would also revise the
official staff commentary to the regulation. The commentary interprets the requirements of
Regulation E to facilitate compliance primarily by financial institutions that offer electronic fund
transfer services to consumers.
The proposed revisions would clarify the disclosure obligations of automated teller
machine (ATM) operators with respect to fees imposed on a consumer for initiating an electronic
fund transfer or a balance inquiry at an ATM. The Board is withdrawing previously proposed
revisions to the Regulation E staff commentary that would have addressed this issue.
The Board must receive comments by October 7, 2005. Please address comments to
Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Street
and Constitution Avenue, N.W., Washington, DC 20551. Also, you may mail comments
electronically to regs.comments@federalreserve.gov. All comments should refer to Docket No.
R-1234.
The public can also view and submit comments on proposals by the Board and other federal
agencies from the www.regulations.gov web site.

For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal
Reserve Bank of Dallas: Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012;
Houston Branch Intrastate (800) 392-4162, Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810.

-2ATTACHMENT
A copy of the Board’s notice as it appears on pages 49891–94, Vol. 70, No. 164 of the
Federal Register dated August 25, 2005, is attached.
MORE INFORMATION
For more information, please contact Diane van Gelder, Banking Supervision Department,
(214) 922-6282. Previous Federal Reserve Bank notices are available on our web site at
www.dallasfed.org/banking/notices/index.html or by contacting the Public Affairs Department
at (214) 922-5254.

Federal Register / Vol. 70, No. 164 / Thursday, August 25, 2005 / Proposed Rules

FEDERAL RESERVE SYSTEM
12 CFR Part 205
[Regulation E; Docket No. R–1234]

Electronic Fund Transfers
Board of Governors of the
Federal Reserve System.
ACTION: Proposed rule; official staff
interpretation.
AGENCY:

SUMMARY: The Board is publishing for
comment a proposal to amend
Regulation E, which implements the

VerDate jul<14>2003

15:46 Aug 24, 2005

Jkt 205001

Electronic Fund Transfer Act (EFTA).
The proposal would also revise the
official staff commentary to the
regulation. The commentary interprets
the requirements of Regulation E to
facilitate compliance primarily by
financial institutions that offer
electronic fund transfer services to
consumers.
The proposed revisions would clarify
the disclosure obligations of automated
teller machine (ATM) operators with
respect to fees imposed on a consumer
for initiating an electronic fund transfer
or a balance inquiry at an ATM. The
Board is withdrawing previously
proposed revisions to the Regulation E
staff commentary that would have
addressed this issue.
DATES: Comments must be received on
or before October 7, 2005.
ADDRESSES: You may submit comments,
identified by Docket No. R–1234, by any
of the following methods:
• Agency Web site: http://
www.federalreserve.gov. Follow the
instructions for submitting comments at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• E-mail:
regs.comments@federalreserve.gov.
Include docket number in the subject
line of the message.
• FAX: 202/452–3819 or 202/452–
3102.
• Mail: Jennifer J. Johnson, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue, NW., Washington,
DC 20551.
All public comments are available
from the Board’s Web site at http://
www.federalreserve.gov/generalinfo/
foia/ProposedRegs.cfm as submitted,
unless modified for technical reasons.
Accordingly, your comments will not be
edited to remove any identifying or
contact information. Public comments
may also be viewed electronically or in
paper in Room MP–500 of the Board’s
Martin Building (20th and C Streets,
NW.) between 9 a.m. and 5 p.m. on
weekdays.
FOR FURTHER INFORMATION CONTACT: Ky
Tran-Trong, Senior Attorney, or Daniel
G. Lonergan, David A. Stein, Natalie E.
Taylor or John C. Wood, Counsels,
Division of Consumer and Community
Affairs, Board of Governors of the
Federal Reserve System, Washington,
DC 20551, at (202) 452–2412 or (202)
452–3667. For users of
Telecommunications Device for the Deaf
(TDD) only, contact (202) 263–4869.
SUPPLEMENTARY INFORMATION:

PO 00000

Frm 00010

Fmt 4702

Sfmt 4702

49891

I. Background
The Electronic Fund Transfer Act
(EFTA or Act) (15 U.S.C. 1693 et seq.),
enacted in 1978, establishes the rights,
liabilities, and responsibilities of
participants in electronic fund transfer
(EFT) systems. The Board’s Regulation E
(12 CFR part 205) implements the
EFTA. Examples of types of transfers
covered by the Act and regulation
include transfers initiated through an
automated teller machine (ATM), pointof-sale (POS) terminal, automated
clearinghouse (ACH), telephone billpayment plan, or remote banking
service. The Act and regulation require
disclosure of terms and conditions of an
EFT service; documentation of
electronic transfers by means of
terminal receipts and periodic account
activity statements; limitations on
consumer liability for unauthorized
transfers; procedures for error
resolution; and certain rights related to
preauthorized EFTs.
The Official Staff Commentary (12
CFR part 205 (Supp. I)) is designed to
facilitate compliance and provide
protection from liability under sections
915 and 916 of the EFTA for financial
institutions and persons subject to the
Act. 15 U.S.C. 1593m(d)(1). The
commentary is updated periodically, as
necessary, to address significant
questions that arise.
II. Summary of Proposed Revisions
Section 205.16 provides that an ATM
operator that imposes a fee on a
consumer for initiating an EFT or a
balance inquiry must post notices at
ATMs that a fee will be imposed.
Section 205.16(b) would be revised to
clarify the operation of the ATM signage
rule when fees are not imposed by the
ATM operator on all consumers. The
revised language specifically clarifies
the intent of the rule that ATM
operators may provide a notice that a fee
may be imposed if there are
circumstances in which an ATM fee
will not be charged for a particular
transaction, such as where the card has
been issued by a foreign bank or the
card issuer has entered into a
contractual relationship with the ATM
operator regarding surcharges.
Section 205.16 does not require that
any sign be posted if no fee is charged
to the consumer by the ATM operator.
The rule is intended to allow consumers
to identify immediately ATMs that
generally charge a fee for use. It is not
intended to represent a complete
disclosure to the consumer regarding
the fees associated with the particular
type of transaction the consumer seeks
to conduct. Rather, a more detailed

E:\FR\FM\25AUP1.SGM

25AUP1

49892

Federal Register / Vol. 70, No. 164 / Thursday, August 25, 2005 / Proposed Rules

disclosure of whether in fact a fee will
be charged for the type of transaction
contemplated by the consumer and the
amount of the fee is required to be made
either on the ATM screen or on an ATM
receipt before the transaction is
completed. See § 205.16(c).
III. Section-by-Section Analysis of the
Proposed Revisions
Section 205.16
Disclosures at
Automated Teller Machines
Under section 904(d) of the EFTA, as
amended by the Gramm-Leach-Bliley
Act of 1999 (GLB Act), an ATM operator
that imposes a fee on any consumer for
providing EFT services is required to
provide notice of the fee to the
consumer in a prominent and
conspicuous location on or at the ATM
on which the EFT is initiated.1 An ATM
operator is any person who operates an
ATM at which consumers initiate an
EFT or a balance inquiry, and that does
not hold the account to or from which
the transfer is made, or about which an
inquiry is made. See EFTA
904(d)(3)(D)(i); § 205.16(a). In addition
to posting notice of the fee on or at the
ATM, the ATM operator must also
disclose that a fee will be imposed and
the amount of the fee, either on the
screen of the ATM or on a paper notice,
before the consumer is committed to
completing the transaction. These
requirements are implemented in
§ 205.16 of Regulation E. See 66 FR
13409 (March 6, 2001).
Several large institutions have asked
whether it is permissible under § 205.16
to provide notice on the ATM that a fee
‘‘may be’’ charged for providing EFT
services, because many ATM operators,
in particular those owned or operated
by banks, apply ATM surcharges to
some categories of their ATM users, but
not others. For example, an ATM
operator might not charge a fee to
cardholders of foreign banks,
cardholders whose card issuer has
entered into a special contractual
relationship with the ATM operator
with respect to surcharges, and persons
who carry cards that are issued under
electronic benefit transfer governmental
programs. (While many financial
institutions do not impose ATM
surcharges on their own cardholders,
they are not ATM operators with respect
to those cardholders for purposes of
§ 205.16 because the institutions hold
the cardholders’ accounts.) Also, an
ATM operator might charge a fee for
cash withdrawals, but not for balance
inquiries. As a result, a disclosure on
1 Pub.

L. 106–102, § 702, 113 Stat. 1338, 1463–64

(1999).

VerDate jul<14>2003

15:46 Aug 24, 2005

Jkt 205001

the ATM that a fee ‘‘will’’ be imposed
in all instances could be overly broad
with respect to consumers who would
not be assessed a fee for usage of the
ATM.
In September 2004, as part of an
update to Regulation E, the Board
proposed to revise comment
205.16(b)(1)–1 to clarify that ATM
operators may disclose on the ATM
signage that a fee may be imposed or
may specify the type of EFTs or
consumers for which a fee is imposed,
if there are circumstances in which an
ATM surcharge will not be charged for
a particular transaction. See 69 FR
55996, 56005 (September 17, 2004). The
Board’s proposal acknowledged that a
strict requirement to post a notice that
a fee will be imposed in all instances
could result in an inaccurate disclosure
of the ATM operators’ surcharge
practices and is not mandated by the
current language in § 205.16.
Industry commenters overwhelmingly
agreed with the Board’s proposal,
stating that the proposed staff
commentary was consistent with
sections 904(d)(3)(A) and (B) of the
EFTA, and would help ATM operators
more accurately disclose their
surcharging practices. Industry
commenters cited a press release issued
by the original act’s sponsor, Rep. Marge
Roukema, stating that the act ‘‘simply
puts existing practice into law.’’ 2
According to these commenters, the
common practice of many banks at the
time of the ATM surcharge amendments
was to state that a fee may be imposed.
Consumer groups believed that a
general statement on ATM signage that
a fee ‘‘may’’ be imposed could
significantly weaken consumer notice,
and that the current staff commentary
permitting ATM operators to specify the
type of EFTs for which a fee is imposed
provides sufficient flexibility to address
concerns about overbroad ATM signage
disclosures. A consumer rights attorney
stated that a disclosure that an ATM fee
‘‘may’’ be imposed is too general to be
useful, and further asserted that the
Congress intended that ATM signs must
state that a fee will be charged whenever
there is a possibility that a surcharge
will be imposed on any consumer. This
commenter believed that section 904(d)
of the EFTA did not provide a basis for
ATM operators to avoid providing
notice on ATM signage to consumers to
whom a fee would be imposed even if
some consumers would not have a fee
imposed or if there are other
transactions for which a fee would not
2 Banking Committee OKs Roukema ATM Fee
Disclosure (March 10, 1999), http://
financialservices.house.gov/banking/31099rou.htm.

PO 00000

Frm 00011

Fmt 4702

Sfmt 4702

be imposed. The commenter also
challenged industry commenters’
characterizations regarding common
industry practice at the time the
amendments were adopted, stating that
existing practice of many ATM
operators at the time was to post signs
on the machines stating that a fee will
be imposed for cash withdrawals.
The Board continues to believe that a
literal interpretation of the current rule
could lead to overly broad disclosures of
an ATM operator’s surcharge practices
where some consumers would not be
assessed a fee for usage of the ATM, and
that a reasonable interpretation of the
statute and regulation would allow
ATM operators to provide an alternative
disclosure that a fee ‘‘may’’ be imposed
to avoid potential consumer confusion.
Upon further analysis and after
consideration of the comments received,
however, the Board believes it would be
appropriate to make this clarification in
the regulation rather than in the
commentary. Therefore, the Board is
withdrawing its proposed commentary
revisions addressing this issue and is
instead proposing to exercise its
authority under section 904(a) of the
EFTA to amend both the regulation and
the commentary. A re-proposal allows
the Board to elicit additional comments
to better understand ATM disclosure
practices, both at the time of the passage
of the GLB Act and currently.
As proposed, § 205.16(b) would be
revised to explicitly clarify that ATM
operators may disclose in all cases that
a fee will be imposed, or in the
alternative, disclose that a fee may be
imposed on consumers initiating an EFT
or a balance inquiry if there are
circumstances under which some
consumers would not be charged for
such services. Before an ATM operator
may impose an ATM fee on a consumer
for initiating an electronic fund transfer
or a balance inquiry, the ATM operator
must provide to the consumer notice,
either on-screen or via paper receipt,
that an ATM fee will be imposed and
the amount of the fee, and the consumer
must elect to continue the transaction or
inquiry after receiving such notice. See
§ 205.16(e). Comment 16(b)(1)–1 would
be revised to reflect the proposed rule,
and to clarify that ATM operators that
impose an ATM surcharge in all cases
must provide notice on the ATM
signage that a fee will be charged.
Comment is solicited on the current
disclosure practices of ATM operators
that impose surcharges on some, but not
all, consumers. Under what types of
circumstances might an ATM operator
not impose a surcharge for providing
electronic transfer services or
responding to balance inquiries? If

E:\FR\FM\25AUP1.SGM

25AUP1

Federal Register / Vol. 70, No. 164 / Thursday, August 25, 2005 / Proposed Rules
surcharges are not imposed on all
consumers, how do ATM operators
disclose their surcharge practices? What
adverse impact on consumers, if any,
might result from a disclosure that states
that an ATM surcharge will be imposed
when the operator’s practice is not to
impose a surcharge on certain
consumers? Conversely, what adverse
impact on consumers who are charged
an ATM fee, if any, might result if ATM
signage states that a fee may be
imposed? In addition, comment is
solicited on disclosure practices of ATM
operators with respect to surcharges at
the time the GLB Act was passed.
IV. Form of Comment Letters
Comment letters should refer to
Docket No. R–1234 and, when possible,
should use a standard typeface with a
font size of 10 or 12; this will enable the
Board to convert text submitted in paper
form to machine-readable form through
electronic scanning, and will facilitate
automated retrieval of comments for
review. Comments may be mailed
electronically to
regs.comments@federalreserve.gov.
V. Solicitation of Comments Regarding
the Use of ‘‘Plain Language’’
Section 722 of the Gramm-LeachBliley Act of 1999 requires the Board to
use ‘‘plain language’’ in all proposed
and final rules published after January
1, 2000. The Board invites comments on
whether the proposed rules are clearly
stated and effectively organized, and
how the Board might make the proposed
text easier to understand.
VI. Initial Regulatory Flexibility
Analysis
In accordance with section 3(a) of the
Regulatory Flexibility Act, the Board
has reviewed the proposed amendments
to Regulation E. A final regulatory
flexibility analysis will be conducted
after consideration of comments
received during the public comment
period.
1. Statement of the objectives of the
proposal. The Board is proposing
revisions to Regulation E to allow ATM
operators flexibility to disclose that
ATM surcharges will or may be imposed
on consumers initiating an EFT or a
balance inquiry when there are
circumstances under which such
surcharges will not be charged.
The EFTA was enacted to provide a
basic framework establishing the rights,
liabilities, and responsibilities of
participants in electronic fund transfer
systems. The primary objective of the
EFTA is the provision of individual
consumer rights. 15 U.S.C. 1693. The
EFTA and Regulation E require

VerDate jul<14>2003

15:46 Aug 24, 2005

Jkt 205001

disclosure of terms and conditions of an
EFT service; documentation of
electronic transfers by means of
terminal receipts and periodic
statements; limitations on consumer
liability for unauthorized transfers;
procedures for error resolution; and
certain rights related to preauthorized
EFTs. The Act and regulation also
prescribe restrictions on the unsolicited
issuance of ATM cards and other access
devices. The EFTA authorizes the Board
to prescribe regulations to carry out the
purpose and provisions of the statute.
15 U.S.C. 1693b(a). The Act expressly
states that the Board’s regulations may
contain ‘‘such classifications,
differentiations, or other provisions,
* * * as, in the judgment of the Board,
are necessary or proper to carry out the
purposes of [the Act], to prevent
circumvention or evasion [of the act], or
to facilitate compliance [with the Act].’’
15 U.S.C. 1693b(c). The Act also states
that ‘‘[i]f electronic fund transfer
services are made available to
consumers by a person other than a
financial institution holding a
consumer’s account, the Board shall by
regulation assure that the disclosures,
protections, responsibilities, and
remedies created by [the Act] are made
applicable to such persons and
services.’’ 15 U.S.C. 1693b(d). The
Board believes that the proposed
revisions to Regulation E discussed
above are within the Congress’ broad
grant of authority to the Board to adopt
provisions that carry out the purposes of
the statute.
2. Small entities affected by the
proposal. The number of small entities
affected by this proposal is unknown.
ATM operators that do not impose ATM
surcharges in all instances would be
permitted to disclose that surcharges
may be disclosed on signage appearing
on ATMs. ATM operators that choose to
make the proposed alternative
disclosure may have to revise their signs
on their ATMs.
3. Other Federal rules. The Board
believes no Federal rules duplicate,
overlap, or conflict with the proposed
revisions to Regulation E.
4. Significant alternatives to the
proposed revisions. The Board
welcomes comment on any significant
alternatives that would minimize the
impact of the proposed rule on small
entities.
VII. Paperwork Reduction Act
In accordance with the Paperwork
Reduction Act (PRA) of 1995 (44 U.S.C.
3506; 5 CFR part 1320 Appendix A.1),
the Board reviewed the proposed rule
under the authority delegated to the
Board by the Office of Management and

PO 00000

Frm 00012

Fmt 4702

Sfmt 4702

49893

Budget (OMB). The proposed rule
contains requirements subject to the
PRA. The collection of information that
is required by this proposed rule is
found in 12 CFR 205.16(c) and in
Appendix A. The Federal Reserve may
not conduct or sponsor, and an
organization is not required to respond
to, this information collection unless it
displays a currently valid OMB control
number. The OMB control number is
7100–0200. This information is required
to obtain a benefit for consumers and is
mandatory (15 U.S.C. 1693 et seq.). The
respondents/recordkeepers are for-profit
financial institutions, including small
businesses. Institutions are required to
retain records for 24 months.
All depository institutions, of which
there are approximately 19,300,
potentially are affected by this
collection of information because all
depository institutions are potential
ATM operators subject to Regulation E
and are required to provide notice to
consumers of an ATM surcharge, and
thus are respondents for purposes of the
PRA. However, the extent to which this
collection of information affects a
particular depository institution
depends on the number of ATMs an
institution operates.
The proposed revision is not expected
to significantly increase the ongoing
annual burden of Regulation E; rather
this would be a one-time burden
increase for those institutions that,
although not required, decide to revise
their ATM signage disclosures. For
purposes of the PRA, the Federal
Reserve estimates that it would take
depository institutions, on average, 8
hours (one business day) to revise and
update ATM signage; therefore, the
Federal Reserve estimates that the total
annual burden for all depository
institutions for this requirement would
be 154,400 hours. With respect to the
1,289 Federal Reserve-regulated
institutions which must comply with
Regulation E, it is estimated that the
total annual burden for this requirement
would be 10,312 hours.
The preceding estimate represents an
average across all respondents and
reflect variations between institutions
based on their size, complexity, and
practices. The other federal agencies are
responsible for estimating and reporting
to OMB the total paperwork burden for
the institutions for which they have
administrative enforcement authority.
They may, but are not required to, use
the Federal Reserve’s burden estimates.
Because the records would be
maintained at state member banks and
the notices are not provided to the
Federal Reserve, no issue of

E:\FR\FM\25AUP1.SGM

25AUP1

49894

Federal Register / Vol. 70, No. 164 / Thursday, August 25, 2005 / Proposed Rules

By order of the Board of Governors of the
confidentiality arises under the
(1) Provide notice that a fee will be
Federal Reserve System, August 19, 2005.
Freedom of Information Act.
imposed for providing electronic fund
Robert deV. Frierson,
Comments are invited on: (a) Whether transfer services or a balance inquiry;
the proposed collection of information
Deputy Secretary of the Board.
and
is necessary for the proper performance
[FR Doc. 05–16801 Filed 8–24–05; 8:45 am]
(2) Disclose the amount of the fee.
of the Federal Reserve’s functions;
BILLING CODE 6210–01–P
(c) Notice requirement. An automated
including whether the information has
teller machine operator must comply
practical utility; (b) the accuracy of the
Federal Reserve’s estimate of the burden with the following: Sfmt 4702 E:\FR\FM\25AUP1.SGM 25AUP1
VerDate jul<14>2003 15:46 Aug 24, 2005 Jkt 205001 PO 00000 Frm 00013 Fmt 4702
of the proposed information collection,
(1) On the machine. Post øthe notice
including the cost of compliance; (c)
required by paragraph (b)(1) of this
ways to enhance the quality, utility, and section¿ in a prominent and
clarity of the information to be
conspicuous location on or at the
collected; and (d) ways to minimize the
automated teller machine fl a notice
burden of information collection on
that:
respondents, including through the use
(i) A fee will be imposed for providing
of automated collection techniques or
electronic fund transfer services or a
other forms of information technology.
balance inquiry; or
Comments on the collection of
information should be sent to Michelle
(ii) A fee may be imposed for
Long, Federal Reserve Board Clearance
providing electronic fund transfer
Officer, Division of Research and
services or a balance inquiry, but this
Statistics, Mail Stop 41, Board of
notice may be substituted only if there
Governors of the Federal Reserve
are circumstances under which a fee
System, Washington, DC 20551, with
will not be imposed for such servicesfi;
copies of such comments sent to the
and
Office of Management and Budget,
(2) Screen or paper notice. Provide
Paperwork Reduction Project (7100–
the notice required by paragraphs (b)(1)
0200), Washington, DC 20503.
and (b)(2) of this section either by
Text of Proposed Revisions
showing it on the screen of the
Certain conventions have been used
automated teller machine or by
to highlight the proposed changes to the providing it on paper, before the
text of the regulation and staff
consumer is committed to paying a fee.
commentary. New language is shown
2. In Supplement I to part 205, under
inside bold-faced arrows, while
Section 205.16—Disclosures at
language that would be deleted is set off
Automated Teller Machines, under
with bold-faced brackets. Comments are
16(b) General, under Paragraph 16(b)(1),
numbered to comply with Federal
paragraph 1. would be revised.
Register publication rules.

List of Subjects in 12 CFR Part 205
Consumer protection, Electronic fund
transfers, Federal Reserve System,
Reporting and recordkeeping
requirements.
For the reasons set forth in the
preamble, the Board proposes to amend
12 CFR part 205 and the Official Staff
Commentary, as follows:
PART 205—ELECTRONIC FUND
TRANSFERS (REGULATION E)
1. The authority citation for part 205
would continue to read as follows:
Authority: 15 U.S.C. 1693b.

2. Section 205.16 would be amended
by republishing paragraph (b) and
revising paragraph (c)(1) as follows:
§ 205.16 Disclosures on automated teller
machines.

*

*
*
*
*
(b) General. An automated teller
machine operator that imposes a fee on
a consumer for initiating an electronic
fund transfer or a balance inquiry
shall—

SUPPLEMENT I TO PART 205—
OFFICIAL STAFF INTERPRETATIONS
*

*

*

*

*

Section 205.16—Disclosures on
Automated Teller Machines
1. Specific notices. An ATM operator
that imposes a fee for a specific type of
transactionfl—fi such as flforfi a
cash withdrawal, but not fl for fia
balance inquiry, fl or for some cash
withdrawals (such as where the card
was issued by a foreign bank or by a
card issuer that has entered into a
special contractual relationship with the
ATM operator regarding surcharges), but
not for others—fi may provide a
general østatement¿ fl notice fi on or
at the ATM machine fi that a fee will
fl or may fi be imposed for providing
EFT services or may specify the type of
EFT for which a fee is imposed. fl If,
however, a fee will be imposed in all
instances, the notice must state that a
fee will be imposed.fi
*
*
*
*
*

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