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F E D E R A L RESERVE B A N K OF D A L L A S DALLAS. T E X A S 75222 C ir c u la r No. 78-28 March 7, 1978 AMENDMENT TO REGULATION O Loans to E x ecu tiv e Officers of Member Banks TO ALL MEMBER BANKS IN THE ELEVENTH FEDERAL RESERVE DISTRICT: T h e Board of G o v e rn o rs of th e F e d e ra l R e s e rv e System h a s a m e n d e d , effective March 24, 1978, its R egulation O, "Loans to E x ecu tive O fficers of Member B a n k s , " to in c r e a s e from $1,000 to $5,000 the limit im po sed upon m em ber b a n k s ' e x te n s io n s of c r e d i t to t h e ir own e x e c u tiv e o ffice rs th r o u g h the u s e of b a n k c r e d i t c a r d s a n d s im ila r p l a n s . Member b a n k s sh o u ld file th e c o p y of th e am end m ent, w hich is p r i n t e d on the r e v e r s e of th is c i r c u l a r , in th e ir R egulations B in d e r s . If you h a v e a n y q u e s tio n s r e g a r d i n g Regulation O, p le a se co n tact Mr. Marvin C. McCoy o r Mr. William C. R ed d ick , J r . , in th e Bank S u p e rv is io n a n d R eg u latio n s D e p artm en t, Ext. 6275. Additional c o p ie s of the a m en d m en t will be f u r n i s h e d upon r e q u e s t to th e S e c r e t a r y 's Office of th is B an k , Ext. 6267. S in c e re ly y o u r s , R o b ert H . Boykin F ir s t Vice P r e s id e n t Banks and others are encouraged to use the following incoming W A T S numbers in contacting this Bank: 1-8 00 -492 -440 3 (intrastate) and 1-800 -527 -497 0 (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) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM LOANS TO EXECUTIVE OFFICERS OF MEMBER BANKS AMENDMENT TO REGULATION Of Effective March 24, 1978, section 215.2(c) (iv) is amended to read as follows: SECTION 215.2 — D EFIN ITIONS * * * * * (c) “Extension of credit” and “extend cred”* * * * * * * * Such terms, however, do not include: * * * * * ments to or on behalf of participants in a bank credit card plan, check credit plan, or similar plan, except that this subdivision (iv) shall not apply to indebtedness of an executive officer to his own bank to the extent that the aggregate amount there of exceeds $5,000 or to any such indebtedness to his own bank that involves prior individual clear ance or approval by the bank other than for the purpose of determining whether his participation in the arrangement is authorized or whether any dollar limit under the arrangement has been or would be exceeded. (iv) Indebtedness arising by reason of general arrangements under which a bank (a) acquires charge or time credit accounts or (b) makes pay t F o r this Regulation to be complete as amended March 24, 1978, retain: 1) Printed Regulation pamphlet as amended March 15, 1968; 2) This slip sheet 3-24-78
