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M1SCL. U .

20M-10125

FEDERAL RESERVE BANK
OF DALLAS
number f iv e

December 26th, 1914*

TO THE M BER BANK ADERESSED :
EM
This bank is advised by the Federal Reserve Board that
i t has taken the fo llo w in g a c tio n w ith referen ce to the opera­
t io n o f re g u la tio n No® 4 which req u ired every member bank, from
and a ft e r January 15th, 1915, to m aintain c r e d it f i l e s r e la t in g
to a l l borrowers whose n o tes, d r a fts , or b i l l s o f exchange might
be o ffe r e d fo r re -d is c o u n ti
’’The Governors o f the Federal Reserve Banks have ex­
pressed the d e s ire that the op eration o f R egu lation No* 4,
which under i t s terms was to go in to e ffe c t on January 15th,
should be d e fe rre d fo r the present® This re g u la tio n r e la te s
to statements that member banks would be req u ired to r e c e iv e
from th e ir customers in the fu tu re , and the unanimous opin ion
expressed by the Governors was that i t would be d esira b le and
h e lp fu l, p a r t ic u la r ly to the country banks in many d i s t r i c t s ,
t o a llo w ample time f o r both member banks and t h e ir customers
to adjust t h e ir methods to these new requirements* The Board
has, th e r e fo r e , decided th at R egu lation No * 4 s h a ll not go inQ
to e f f e c t on January 15th, but that i t w i l l be held in abeyance
f o r severa l months. A d e fin it e announcement w i l l be made in
due course* I t is the d e s ire of the Board to f a c i l i t a t e the
operations of the Reserve Banks in any way con sisten t w ith
the Law.**
This is sent fo r your inform ation and guidance.
R e s p e c tfu lly ,

OSCAR WELLS,
Governor

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)


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