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F ederal

reserve

Ba n k

DALLAS, TEXAS

D allas

of

75222
Circular No. 81-87
April 29, 1981

AMENDMENT TO REGULATION D
(Exempting C ertain Kinds of Time Deposits
Representing Funds of D eferred Compensation Plans
From Reserve Requirements)
TO THE CHIEF EXECUTIVE OF
ALL FINANCIAL INSTITUTIONS IN THE
ELEVENTH FEDERAL RESERVE DISTRICT:
Printed on the following pages is the te x t of a press release
issued April 10, 1981, by the Board of Governors of the Federal Reserve
System and the Federal R egister document announcing an am endm ent to
its rules to exem pt from reserve requirem ents certain kinds of tim e
deposits representing funds of deferred compensation plans.
The
exemption is for nontransferable tim e deposits held by an employer as
p a rt of an unfunded deferred compensation plan established in conformity
with Subtitle D of the Internal Revenue Act of 1978. Under the Board's
ruling, effectiv e April 30, 1981, such tim e deposits will be regarded as
personal tim e deposits and will consequently be free of reserve require­
ments.
A copy of all cu rren t am endments to Regulation D is included
in the enclosed slip sheet dated April 1981. This slip sheet and the
current index should be filed in Volume 2 of the Regulations and Bulletins
Binders furnished by this Bank, and the slip sheet dated January 1981
should be destroyed.
Additional copies of the amendm ents will be furnished upon
request to the D epartm ent of Communications, Financial and Community
Affairs, Ext. 6266.
Sincerely yours,
William H. Wallace
F irst Vice President
Enclosure

Banks and others are encouraged to use the following incoming WATS numbers in contacting this Bank:
1-800-442-7140 (intrastate) and 1-800-527-9200 (interstate). For calls placed locally, please use 651 plus the
extension referred to above.

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

F E D E R A L R E S E R V E p re s s re le a s e j^ ^

For immediate release

April 10, 1981

The Federal Reserve Board has amended its rules to exempt
from reserve requirements certain kinds of time deposits representing
funds of deferred compensation plans.
Deferred compensation plans allow delayed receipt of presently
earned income to a future time and the Board's action is thus expected
to result in more even application of reserve requirements to time
deposits representing retirement income.
The exemption is for nontransferable time deposits held by an
employer as part of an unfunded deferred compensation plan established in
conformity with Subtitle D of the Internal Revenue Act of 1978.

Under the

Board's ruling, such time deposits will be regarded as personal time
deposits and will consequently be free of reserve requirements.

Previously,

time deposits representing unfunded deferred compensation plans had been
regarded as nonpersonal time deposits subject to reserve requirements.

An

unfunded deferred compensation plan is one in which the deposits are held by
the employer rather than being placed in a trust or being similarly "funded."
The Board's action amended its Regulation D —
of Depository Institutions.
1981, is attached.

Attachment

Reserve Requirements

The text of the amendment, effective April 30,

TITLE 12 —
CHAPTER II —
SUBCHAPTER A —

BANKS AND BANKING
FEDERAL RESERVE SYSTEM

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Regulation D]
[Docket No. R-0355]

Part 204 —

RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS

Time Deposits of Deferred Compensation Plans

AGENCY:

Board of Governors of the Federal Reserve System.

ACTION:

Final rule.

SUMMARY: The Board of Governors of the Federal Reserve System has amended
its Regulation D — Reserve Requirements of Depository Institutions
(12 CFR Part 204), which imposes federal reserve requirements on depository
institutions that maintain transaction accounts or nonpersonal time
deposits. Under the amendment, nontransferable time deposits representing
funds of deferred compensation plans established pursuant to subtitle D
of the Revenue Act of 1978, Pub. L. No. 95-600, 92 Stat. 2763 (1978),
will be regarded as personal time deposits, and thus will not be subject
to reserve requirements.
EFFECTIVE DATE: April 30, 1981. Depository institutions may begin
reporting time deposits of deferred compensation accounts as personal
time deposits during the computation period beginning that date.
FOR FURTHER INFORMATION CONTACT: Gilbert T. Schwartz, Associate General
Counsel (202/452-3625), Paul S. Pilecki, Senior Attorney (202/452-3281),
or Joseph R. Alexander, Attorney (202/452-2489), Legal Division, Board
of Governors of the Federal Reserve System, Washington, D.C.
20551.
SUPPLEMENTARY INFORMATION: The Monetary Control Act of 1980 (Title I
of Pub. L. No. 96-221, 94 Stat. 132) (the "Act"), authorizes the Federal
Reserve to impose reserve requirements solely for the purpose of con­
ducting monetary policy on all depository institutions that maintain
transaction accounts or nonpersonal time deposits. Under Regulation D - Reserve Requirements of Depository Institutions (12 CFR Part 204),
which implements the provisions of the Act, "nonpersonal time deposits"
are defined as transferable time deposits or accounts, or time deposits
or accounts which represent funds deposited to the credit of, or in
which any beneficial interest is held by, a depositor that is not a
natural person. In adopting Regulation D to implement the Act, the
Board determined that IRA and Keogh Plan time deposits and time deposits
held by trustees and other fiduciaries should be regarded as personal
time deposits where the entire beneficial interest is held by natural

-

2-

persons, even though the funds technically may be held in the name of
a trustee who is not a natural person (12 CFR § 204.2(f)). The Board
has determined that time deposit accounts held pursuant to unfunded
deferred compensation plans of state and local governments and certain
private employers authorized by subtitle D of the Revenue Act of 1978,
Pub. L. No. 95-600, 92 Stat. 2763 (1978), also should be regarded as
personal time deposits for purposes of Regulation D, notwithstanding
the IRS requirement that such funds remain solely the property of the
sponsoring organization subject only to the claims of its general creditors.
Therefore, the Board is amending Regulation D to exempt such accounts
from the definition of nonpersonal time deposits. It should be noted
that nontransferable time deposits of funded deferred compensation plans
generally are regarded as personal time deposits under Regulation D
at present as funds held by a trustee or other fiduciary.
The Board believes that this amendment will result in more
even application of reserve requirements on time deposits of various
types of retirement income arrangements. Consequently, the Board, for
good cause, finds that the notice and public procedure provisions of
5 U.S.C. § 553(b) with regard to this action are contrary to the public
interest, and that deferral of the effective date pursuant to 5 U.S.C.
S 553(d) is not necessary.
Effective April 30, 1981, pursuant to the Board's authority
under section 19 of the Federal Reserve Act, 12 U.S.C. § 461 et seq.,
section 204.2(f), subparagraph (2) of Regulation D (12 CFR Part 204)
is amended to read as follows:
SECTION 204.2 —
*

(f)

*

*

DEFINITIONS
*

*

(2)
"Nonpersonal time deposit” does not include nontransferable
time deposits to the credit of or in which the entire beneficial interest
is held by an individual pursuant to an Individual Retirement Account
or Keogh (H.R. 10) Plan under 26 U.S.C. (I.R.C. 1954) §§ 408, 401, or
nontransferable time deposits held by an employer as part of an unfunded
deferred compensation plan established pursuant to subtitle D of the
Revenue Act of 1978 (Pub. L. No. 95-600, 92 Stat. 2763).
*

*

K

By order of the Board of Governors, April 10, 1981.

(Signed) James McAfee
James McAfee
Assistant Secretary of the Board

[SEAL]

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS
AMENDMENTS TO REGULATION D t
As amended effective April 10, 1981

Effective N ovem ber 13. 1980, sections 204.2,
204.3, and 204.4 are amended as follows:
1. In section 204.2, paragraph (h)(1) is revised to
read as follows:

SECTION 204.2— DEFINITIONS
* * * * *
(h) ‘‘Eurocurrency liabilities” means the sum
o f the following:
(1) Transactions with related offices outside
the United Stares.
(i) * * *
(A) * * *
(B) assets (including participations) held
by its non-United States offices or by non-United
States offices o f an affiliated Edge or Agreement
C o rp o ration that were acquired after O ctob er 6.
1979, from its United States offices.
(ii) * * *
(A) * * *
(B) assets (including participations) held
by its foreign bank (including offices thereof lo­
cated outside the United States), by its parent hold­
ing company, or by non-United States offices of an
affiliated Edge or Agreement Corporation that were
acquired after O cto ber 6, 1979, from the United
States branch or agency (other than assets required
to be sold by Federal or State supervisory authori­
ties).
* * * * *
2. In section 204.3, paragraph (d) is rev ised to
read as follows:

SECTION 204.3— COMPUTATION AND
MAINTENANCE
* * * * *

(d) Special rule for depository institutions that
have total deposits of less than $15 million.
(1) A depository institution with total deposits
o f less than S15 million shall file a report o f d e­
posits once each calendar quarter for a seven-day
computation period that begins on the third Thurs­
day of a given month during the calendar quarter.
Each Reserve Bank shall divide the depository in­
stitutions in its District that qualify under this para­
graph into three substantially equal groups and as­
sign each group a different month to report during
each calendar quarter.
(2 ) * * *

(3)
A depository institution that has less than
$15 million in total deposits as o f D ecem ber 31.
1979. shall qualify under this paragraph until it re­
ports total deposits o f S15 million or more for two
consecutive calendar quarters.
* * * * *
3. In section 2 0 4 .4 , paragraph (g) is revised to
read as follows:

SECTION 204.4— TRANSITIONAL
ADJUSTMENTS
* * * * *
(g)
Mergers and consolidations. The following
rules concerning transitional adjustments apply to
m ergers and consolidations o f depository institu­
tions.
(1)
Where all depository institutions involved
in a merger or consolidation are subject to the same
paragraph of the transitional adjustment rules con­
tained in paragraphs (a) through (f) o f this section
during the reserve computation period immediately
preceding the merger, the surviving institution shall
continue to com pute its transitional adjustment of
required reserves under such applicable paragraph.

t For this Regulation to be complete retain:
1) Printed Regulation pamphlet dated November 13. 1980.
2) Supplement slip sheet dated August 1980.
3) This slip sheet. (Destroy slip sheet dated January 1981.)

APRIL 1981

of daily average total required reserves of all insti­
tutions involved in the merger or consolidation dur­
ing the reserve com putation period im m ediately
preceding the date of the merger.
(A) If the m erger occurs before N o­
vem ber 6. 1980, such ratio of daily average total
required reserves shall be computed using the re­
serve requirement ratios in section 204.8(b).
(B) If the m erger occurs on or after
November 6, 1980, such ratio of daily average total
required reserves shall be computed using the re­
serve requirement ratios in section 204.8(a) without
Maintenance periods occurring
Percentage applied to
regard to the transitional adjustments of this sec­
during quarterly periods
difference to compute
tion.
following merger
amount to be subtracted
(iii) The low reserve tranche on transaction
1
87.5
accounts (section 204.8(a)) shall be allocated to
2
75.0
each institution involved in the merger or consoli­
3
62.5
dation using the ratio com puted in subparagraph
4
50.0
(2)(ii) and the reserve requirement tranches on de­
5
37.5
mand deposits (section 204.8(b)) shall be allocated
6
25.0
to member bank deposits using such ratio of daily
7
12.5
average total required reserves.
8 and succeeding
0
(iv) The vault cash of the surviving deposi­
tory institution also will be allocated to each institu­
tion involved in the merger or consolidation accord­
(2)
(i) W here the depository institutions in­ to the ratio that daily average vault cash of
ing
volved in a merger or consolidation are not subject each depository institution involved in the merger
to the same paragraph of the transitional adjustment
was to the sum o f daily average vault cash of all
rules contained in paragraphs (a) through (f) of this
institutions involved in the merger or consolidation
section and such merger or consolidation occurs
during the reserve computation period immediately
(A) on or after July 1, 1979, between a
preceding the date of the merger.
nonm em ber bank and a bank that was a member
(v) The amount of reserves which shall be
bank on or after July 1, 1979, and the survivor is a
m aintained shall be reduced by an amount deter­
nonmember bank;
mined by multiplying the amount by which the re­
(B) on or after March 31, 1980, between
quired reserves during the computation period im­
a m em ber bank and a n o nm em ber bank and the
m e d iately p rec ed in g the date of the m erger
survivor is a member bank; or
(com pu ted as if the d ep o sito ry in stitutio n s had
(C) on or after Septem ber 1, 1980, be­
merged) exceeds the sum of the actual required re­
tween any other depository institutions
serves o f each dep o sito ry institution during the
the required reserves o f the surviving institution
sam e com putation period, times the appropriate
shall be computed by allocating its deposits. Euro­
percentage as specified in the following schedule:
currency liabilities, other reservable claim s, bal­
ances due from other depository institutions and
Maintenance periods occurring
Percentage applied to
cash items in process of collection to each deposi­
during quarterly periods
difference to compute
tory institution involved in the merger transaction
following merger
amount to be subtracted
and applying to such amounts the transitional ad­
1
87.5
justm ent rule o f paragraphs (a) through ( 0 of this
2
75.0
section to which each such depository institution
62.5
3
was subject during the reserve computation period
50.0
4
immediately prior to the merger or consolidation.
5
37.5
(ii)
The deposits o f the surviving institution
25.0
6
shall be allocated according to the ratio that daily
12.5
7
average total required reserves of each depository
8 and succeeding
0
institution involved in the merger were to the sum
except that the amount of reserves which shall be
m aintained shall be reduced by an amount deter­
mined by multiplying the amount by which the re­
quired reserves during the computation period im­
m e d iately p rec ed in g the date o f the m erger
(co m p u ted as if the dep o sito ry in stitu tio ns had
merged) exceeds the sum of the actual required re­
serves o f each d ep osito ry institution during the
same com putation p erio d, times the appropriate
percentage as specified in the following schedule:

E ffective D ecem ber I, 1980 sections 2 0 4 .2 ,
204.3. 204.4 and 204.6 are amended as follows:
1. In section 204.2(e)(6), the second sentence is
amended to read as set forth below:
SECTIO N 204.2— DEFINITIONS
* * * * *
(e) “ T ran sactio n account” * * *
* * * * *
(6) * * * An account that permits or autho­
rizes more than three such withdrawals in a calen­
dar month, or statement cycle (or similar period) of
at least four w eeks, is a "tra n sac tio n ac co u n t”
whether or not more than three such withdrawals
actually are made during such period. * * *
>|<

sje

sje

sje

$

2. In section 20 4.2 (b )( I )(vii), by inserting the
word “ which” after the words “ withdrawal period
has expired and” and before the words “ have not
been renewed.”

stances, the low reserve tranche may be reallocated
at the beginning of a calendar year.
(2) Edge and Agreement Corporations.
(j) * * *

(ii)
* * * [f the low reserve tranche cannot
be fully utilized by a single office or by a group of
offices filing a single report of deposits, the unused
portion of the tranche may be assigned to other of­
fices of the same institution until the amount of the
tranche is exhausted. An Edge or Agreement Cor­
poration shall determine this assignment subject to
the restriction that if a portion of the tranche is as­
signed to an office in a particular State, any unused
portion must first be assigned to other offices lo­
cated within the same State and within the same
Federal Reserve District, that is, to other offices in­
cluded on the same aggregated report of deposits.
If necessary in order to avoid under-utilization of
the low reserve tran c h e, the allo cation may be
changed at the beginning of a calendar month. Un­
der other circum stances, the low reserve tranche
may be reallocated at the beginning of a calendar
year.
* * * * *

3. In section 204.3(a), the third sentence is revised
by deleting “ $5 million” and inserting in its place
“ $15 million.”

5. In sections 204.4(b)(l)(ii) and (2)(ii), by delet­
ing the word “ exceeds” and inserting in its place
“ exceed.”

4. In section 204.3(a), subparagraphs (l)(ii) and
(2)(ii) are revised to read as follows:

6. In section 204.4(b)(2), by deleting the paren­
theses that appear around the phrase “ than its re­
quired reserves computed using the reserve ratios in
effect on August 31, 1980.”

SECTIO N 2 04.3— CO M PU TA TIO N AND
M A IN TEN AN C E
(a) M aintenance o f required reserves. * * *
(1)
U nited States branches and agencies
foreign banks.
^ ***
(ii) * * * If the low reserve tranche cannot
be fully utilized by a single office or by a group of
offices filing a single report of deposits, the unused
portion of the tranche may be assigned to other of­
fices o f the same foreign bank until the amount of
the tranche is exhausted. The foreign bank shall de­
termine this assignm ent subject to the restriction
that if a portion of the tranche is assigned to an of­
fice in a particular State, any unused portion must
first be assigned to other offices located within the
same State and within the same Federal Reserve
D istrict, that is, to other offices included on the
same aggregated report of deposits. If necessary in
order to avoid under-utilization of the low reserve
tranche, the allocation may be changed at the be­
ginning of a calendar month. Under other circum­

7. In sectio n 2 0 4 .4 (g )(2 )(iv ), by deleting the
phrase “ daily average vault ca sh ” and inserting
of
“ daily average total required rese rv e s” in both
places that it appears.
8. In section 2 0 4 .6 (b )(1 ), by deleting the word
“ o n ” which appears after the word “ imposed” and
before the word “ for.”
Effective December 11, 1980, section 204.2 is
amended to read as follows:
In section 204.2, paragraph (h) is revised to read as
follows:
SEC TIO N 20 4.2— DEFINITIONS
*

*

*

*

*

(h) “ E u ro cu rren cy liabilities” means:
(1) For a depository institution or an Edge or

Agreement Corporation organized under the laws of
the United States, the sum, if positive, of the fol­
lowing:
(i) net balances due to its non-United States
offices from its United States offices,
(ii) assets (including participations) held by
its n o n-U n ited S tates o ffices or by non-U nited
States offices of an affiliated Edge or Agreement
C orporation that were acquired after O ctober 6,
1979, from its United States offices, and
(iii) credit outstanding from its non-United
States offices to United States residents (other than
assets acq uired and net b alances due from its
United States offices), except credit extended (i) in
the aggregate am ount o f $100,000 or less to any
United States resident, (ii) by a non-United States
office that at no time during the computation period
had credit outstanding to United States residents ex­
ceeding $1 m illion, or (iii) to an institution that
will be maintaining reserves on such credit pursuant
to this Part. Credit extended to a foreign branch,
office, subsidiary, affiliate or other foreign estab­
lishment (“ foreign affiliate” ) controlled by one or
more d o m estic c o rp o ratio n s is not regarded as
credit extended to a United States resident if the
proceeds will be used in its foreign business or that
of other foreign affiliates of the controlling domes­
tic corporation(s).
(2)
For a United States branch or agency of
foreign bank, the sum, if positive, of the following:
(i) net balances due to its foreign bank (in­
cluding offices thereof located outside the United
States) after deducting an amount equal to 8 per
cent of the following: the United States branch’s or
agency’s total assets less the sum of United States
currency and coin, cash items in process of collec­
tion, unposted debits, balances due from depository
■institutions organized under the laws of the United
States, balances due from other foreign banks, bal­
ances due from foreign central banks, and net bal­
ances due from its foreign bank and the foreign
bank’s United States and non-United States offices,
and
(ii) assets (including participations) held by
its foreign bank (including offices thereof located
outside the United States), by its parent holding
company, or by non-United States offices of an af­
filiated Edge or Agreement Corporation that were
acquired after O ctober 6, 1979, from the United
States branch or agency (other than assets required
to be sold by Federal or State supervisory authori­
ties).

Effective January 15, 1981, section 204.3 (d) is
am ended by revising subparagraph (2) to read as
follows:
SECTIO N 204 .3 — C O M PU TA TIO N AND
M A IN T E N A N C E
* * * * *
(d) Special ru le for depository institutions that
have total deposits o f less th a n $15 million.
* * * * *
(2)
R equired reserves are com puted on the
basis of the depository institution’s daily average
deposit balances during the seven-day computation
period. In determining the reserve balance that a
depository institution is required to maintain with
the Federal Reserve, the average daily vault cash
held d uring the co m putation period is deducted
from the am ount of the institution’s required re­
serves. The reserve balance that is required to be
maintained with the Federal Reserve shall be main­
tained during a corresponding period that begins on
the fou rth T h ursday fo llo w in g the end of the
institu tion ’s com putation period and ends on the
third Wednesday after the close of the institution’s
next computation period. Such reserve balance shall
be maintained in the amount required on a daily av­
a
erage basis during each week of the quarterly re­
serve maintenance period.
* * * * *
E ffectiv e A pril 30, 1981, section 2 0 4.2 (f) is
amended by revising subparagraph (2) to read as fol­
lows:
S E C T IO N 2 0 4 .2 — D E F IN IT IO N S
* * * * *

(0

***

(2)
“ Nonpersonal time deposit” does not in­
clude nontransferable time deposits to the credit of
or in which the entire beneficial interest is held by
an individual pursuant to an Individual Retirement
Account or Keogh (H.R. 10) Plan under 26 U.S.C.
(I.R.C. 1954) §§ 408, 401, or nontransferable time
deposits held by an employer as part of an unfunded
deferred compensation plan established pursuant to
subtitle D of the Revenue Act of 1978 (Pub. L. No.
95-600, 92 Stat. 2763).

INDEX TO REGULATIONS OF THE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Regulation

Date

A - EXTENSIONS OF CREDIT BY FEDERAL RESERVE BANKS

9-1-80

B - EQUAL CREDIT OPPORTUNITY
Amendments to Reg B

3-23-77
February 1981

C - HOME MORTGAGE DISCLOSURE
Amendments to Reg C

6-28-76
12-5-80

D - RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS
Supplement to Reg D
Amendments to Reg D

11-13-80
August 1980
April 1981

E - ELECTRONIC FUND TRANSFERS
Amendment to Reg E
Amendment to Reg E

As amended 5-10-80
May 1980
January 1981

F - SECURITIES OF MEMBER STATE BANKS*
Amendment to Reg F

1-29-79
November 1979

G - See SECURITIES CREDIT TRANSACTIONS
H - MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE
FEDERAL RESERVE SYSTEM
Amendments to Reg H

3-18-69
January 1980

I - ISSUE AND CANCELLATION OF CAPITAL STOCK OF
FEDERAL RESERVE BANKS

2-1-63

J - COLLECTION OF CHECKS AND OTHER ITEMS AND
TRANSFERS OF FUNDS
Information Contained in C ircular 80-202

9-1-77

K - INTERNATIONAL BANKING OPERATIONS
Amendments to Reg K

6-14-79
D ecember 1980

L - MANAGEMENT OFFICIAL INTERLOCKS

As amended 5-9-80

M - (RESCINDED)
N - RELATIONS WITH FOREIGN BANKS AND BANKERS

2-13-62

O - LOANS TO EXECUTIVE OFFICERS, DIRECTORS, AND
PRINCIPAL SHAREHOLDERS OF MEMBER BANKS

12-31-79

P - MINIMUM SECURITY DEVICES AND PROCEDURES FOR
FEDERAL RESERVE BANKS AND STATE MEMBER BANKS*
Amendment to Reg P

1-13-69
March 1981

♦R egulations F and P and re la te d forms will be furnished only upon request.

/

Q - INTEREST ON DEPOSITS
Supplement to Reg Q
Information Contained in the Following Circulars:
80-98, 80-110, 80-117, 80-199, 81-3, 81-58, 81-70
R - RELATIONSHIPS WITH DEALERS IN SECURITIES UNDER
SECTION 32 OF THE BANKING ACT OF 1933
S - REIMBURSEMENT TO FINANCIAL INSTITUTIONS FOR
ASSEMBLING OR PROVIDING FINANCIAL RECORDS

1-15-81
January 1981

1-1-70
10-1-79

T - See SECURITIES CREDIT TRANSACTIONS
U - See SECURITIES CREDIT TRANSACTIONS
V - LOAN GUARANTEES FOR DEFENSE PRODUCTION*
W - (TERMINATED MAY 7, 1952)
X - See SECURITIES CREDIT TRANSACTIONS
Y - BANK HOLDING COMPANIES AND CHANGE
IN BANK CONTROL
Amendments to Reg Y

4-5-78
December 1980

Z - TRUTH IN LENDING
Amendments to Reg Z
Amendment to Reg Z
Information Contained in Circular 80-142

As amended 3-23-77
May 1980
Septem ber 1980

SECURITIES CREDIT TRANSACTIONS
Regulation X -RULES GOVERNING BORROWERS WHO
OBTAIN SECURITIES CREDIT
Regulation G -SECURITIES CREDIT BY PERSONS OTHER
THAN BANKS, BROKERS, OR DEALERS
Regulation T - CREDIT BY BROKERS AND DEALERS
Regulation U - CREDIT BY BANKS FOR THE PURPOSE
OF PURCHASING OR CARRYING
MARGIN STOCKS

June 1977

Supplement to Reg G
Supplement to Reg U
Supplement to Reg T
Amendments to Reg T
Amendments to Reg T

11-1-71
8-20-76
6-1-77
6-1-77
6-15-78
6-15-78
10-30-78
August 1980
Septem ber 1980

AA - UNFAIR OR DECEPTIVE ACTS OR PRACTICES

9-27-76

BB - COMMUNITY REINVESTMENT
Amendment to Reg BB

11-6-78
4-26-79

♦N o t currently furnished in binders.

April 1981