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F ederal Reserve ba n k o f Dallas DALLAS, TEXAS 75222 C i r c u l a r No. 76-35 M a rc h 11, 1976 AMENDMENT TO REGULATION H TO ALL MEMBER BANKS IN THE ELEVENTH FEDERAL RESERVE DISTRICT: 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 S y s te m h a s a m e n d e d R e g u l a ti o n H, " M e m b e r s h ip o f S tate B a n k i n g I n s t i t u t i o n s in th e F e d e r a l R e s e r v e S y s t e m , " to p e r m i t u n til M a r c h 1, 1976, t h e m a k in g of c e r t a i n m o r t g a g e loan s in id e n tif ie d flood h a z a r d a r e a s of c o m m u n itie s t h a t a r e n o t p a r t i c i p a t i n g in th e N ational Flood I n s u r a n c e P r o g r a m . A c o p y of t h e A m e n d m e n t to R e g u l a ti o n H is e n c l o s e d a n d s h o u l d b e i n s e r t e d in y o u r R e g u l a t i o n s B i n d e r . P r i n t e d on th e follow ing p a g e s is th e FEDERAL REGISTER d o c u m e n t r e g a r d i n g t h e a m e n d m e n t . If y o u h a v e q u e s t i o n s c o n c e r n i n g t h i s a m e n d m e n t a s it is a p p l i c a b l e to S tate m e m b e r b a n k s , p l e a s e c o n t a c t t h i s B a n k ' s E x a m in a tio n D e p a r t m e n t a t (214) 651-6274. A d d itio n a l c o p i e s of t h e a m e n d m e n t a n d FEDERAL REGISTER d o c u m e n t w ill b e f u r n i s h e d u p o n r e q u e s t to t h e S e c r e t a r y ' s Office of this Bank. S incerely y o u rs , T . W. P la n t F i r s t V ice P r e s i d e n t E nclosure This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) TITLE 12— BANKS AND BANKING CHAPTER II— FEDERAL RESERVE SYSTEM SUBCHAITER A— BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM [Reg. H] PART 208— MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM Loans by State Member Banks in Flood-Prone Areas [Amendment] The Board of Governors of the Federal Reserve System Is amending Part 208 by revising section 208.8(e)(5) in order to implement the grace period provided in Pub. L. No. 94-198 (Dec. 31, 1975), concerning certain real estate loans made by State member banks in identified flood hazard areas of communities that are not participating in the National Flood Insurance Program. Pub. L. No. 94-198 amends section 202(b) of the Flood Disaster Protection Act of 1973 (42 U.S.C. 2001 et. seq.) to permit until March 1, 1976 (or one year from the date of a community's notification that it has flood-prone areas, whichever is later), the making of certain mortgage loans and similar loans by federally chartered, supervised, or insured lending institutions for the purchase of previously occupied residential dwellings located in the identified flood hazard areas of communities that are not - 2 - participating in the National Flood Insurance Program. The deadline contained in section 202(b) applicable to such loans was previously extended from July 1, 1975, until January 1, 1976 (section 303 of the Emergency Housing Act of 1975, Pub. L. No. 94-50). The following amendment is intended to conform the pro visions of existing Board regulations, which reflect the January 1, 1976 dealine, to the additional extension contained in Pub. L. No. 94-19S. Effective immediately the last sentence of § 208.8(e)(5) shall be amended by deleting the date, January 1, 1976, and adding the date, March 1, 1976, as follows: § 208.8 * Banking Practices * * * * (e) Loans by State member banks in identified flood hazard areas. (5) . . .Provided, that the prohibition contained in this section shall not apply to any loan made prior to [January 1, 1976] March 1, 1976, if the loan is made to finance the acquisition of a previously occupied residential dwelling. * * * * * The provisions of section 553 of Title V, United States Code, relating to notice, public participation and deferred effective date were not followed in connection with this amendment because this - 3 - amendment merely clarifies Regulation H by implementing a statutory provision of Pub. L. No. 94-198 (December 31, 1975) without significant exercise of administrative discretion or interpretation. By order of the Board of Governors, February 26, 1976. (Signed) Theodore E. Allison Theodore E. Allison Secretary of the Board [SEAL] BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM A M EN D M EN T TO R E G U L A T IO N H t Effective February 26, 1976, the last sentence o f §208.8(e)(5) shall be am ended by deleting the date, January 1, 1976, and adding the date, M arch 1, 1976, as follows: S EC T IO N 208.8 — B A N K IN G PR A C T IC E S * * * * * (e) Loans by State member banks in identified flood hazard areas. * * * * * (5) * * * Provided, th at the prohibition con tained in this section shall n o t apply to any loan m ade prior to M arch 1, 1976, if the loan is m ade to finance the acquisition o f a previously occupied residential dwelling. fF o r this Regulation to be complete as amended effective February 26, 1976, retain: 1) Printed Regulation pamphlet as amended effective March 18, 1969; 2) Amendment to §208.10(b) and (c) effective December 21, 1973; 3) Amendments adding a new §208.8 and renumbering succeeding section effective March 2, 1974; 4) Amendment effective September 16, 1974; 5) Amendment effective September 22, 1974; 6) Amendment effective May 12, 1975; 7) Amendment effective October 17, 1975; 8) Amendment effective December 30,1975; and 9) This slip sheet.
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