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Federal R eserve Bank OF DALLAS ROBERT D. M c T E E R , J R . P R E S ID E N T AND C H IE F E X E C U T IV E O F F IC E R - . , , April 1, 1994 D A LLAS, TE X A S 75265-590 6 Notice 94-36 TO: The Chief Executive Officer of each financial institution in the Eleventh Federal Reserve District SUBJECT Amendments to Regulations Y, J, H, D, and 0; Amendments and Corrections to Regulation Z DETAILS The Board of Governors of the Federal Reserve System has published amendments in slip-sheet form to Regulation Y (Bank Holding Companies and Change in Bank Control), effective November 1993, Regulation J (Col lection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire), effective November 1993, Regulation H (Membership of State Bank ing Institutions in the Federal Reserve System), effec tive November 1993, Regulation D (Reserve Requirements of Depository Institutions), effective January 1994, and Regulation 0 (Loans to Executive Officers, Direc tors, and Principal Shareholders of Member Banks), effective January 1994. In addition, the Board has published amend ments and corrections in slip-sheet form to Regulation Z (Truth in Lending), effective October 1993. The new slip sheets should be inserted in your Regulations binder. 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. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) - 2 - ENCLOSURES The new slip sheets are enclosed. MORE INFORMATION For more information, please contact Michael Johnson regarding Regulations H and Y at (214) 922-6081; Terry Campbell regarding Regulation J at (214) 922-6603; this Bank’s Reserve Management Division regarding Regulation D at (214) 922-5646; Jane Anne Schmoker regarding Regulation 0 at (214) 922-5101; and Eugene Coy regarding Regulation Z at (214) 922-6201. For additional copies of this Bank’s notice and the slip sheets, please contact the Public Affairs Department at (214) 922-5254. Sincerely yours, Board of Governors of the Federal Reserve System ^ Amendments to Regulation Y Bank Holding Companies and Change in Bank Control November 1993* 1. Effective October 8, 1993, section 225.4 is am ended by adding a new subsection (g) as follows: (g ) C rim inal referral report. A bank hold ing com pany o r any nonbank subsidiary thereof, o r a foreign bank th a t is subject to the B H C A ct o r any nonbank subsidiary of such foreign bank operating in the United States, shall file a criminal referral form in accordance with the provisions of section 208.20 o f the B oard’s R egulation H, 12 C F R 208.20. 2. Effective January 28, 1993, section 225.11(f) is am ended to read as follows: (f) Transactions by foreign banking orga nization. A ny transaction described in paragraphs (a ) through (e) o f this section by a foreign banking organization (as de fined in 12 C F R 211.21 ( n ) ) tha t involves the acquisition o f an interest in a U.S. bank or in a bank holding com pany for which application would be required if the foreign banking organization were a bank holding company. * A com plete R eg u lation Y, as revised effective O ctober 8, 1993, consists of— • • the regulation p am p h let dated M arch 1993 (see inside cov er) an d this slip sheet. 1 Board of Governors of the Federal Reserve System (Amendments to Regulation J Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fed wire November 1993* 1. Effective October 14, 1993, section 210.2(d) is am ended to read as follows: (d ) “ Banking day” means the p art o f a day on which a bank is open to the public for carrying on substantially all o f its bank ing functions. 2. Effective October 14, 1993, the last sentence o f section 210.2(g) is am ended to read as follows: “ Item ” does not include a check tha t can not be collected at par, or a paym en t order as defined in section 210.26(i) and handled under subpart B of this part. other expenses of litigation incurred, as well as any am ount the Reserve Bank is required to pay because o f the judgm ent or decree o f the tender of defense, together w ith interest thereon. 5. E ffective October 14, 1993, the title o f sec tion 210.9 is changed to “ Settlement and Paym ent” . 6. E ffective October 14, 1993, section 210.9(a) is am ended to read as follows: SECTION 210.9— Settlement and Payment 3. E ffective October 14, 1993, section 210.2 is am ended by adding subsections (n) a n d (o) as follows: (n ) “ Clock h o u r” m eans a tim e tha t is on the hour, such as 1:00, 2:00, etc. (o ) “ Fedw ire" has the same meaning as that set forth in section 210.26(e) of this part. 4. Section 210.5(b) is corrected to read as follows: (b ) * * * ( 1) * * * (2) * (3) * * * * * the Reserve Bank may, upon entry of a fi nal judgm ent or decree, recover from the sender the am ount o f attorneys’ fees and • A co m p lete R egulation J, as revised effective O ctober 14, 1993, consists of— • th e regulation p am p h let d ated M arch 1991 (see inside co v e r) and • this slip sheet. (a ) Cash items. (1 ) O n the day a pay ing bank receives2 a cash item directly or indirectly from a Reserve Bank, it shall settle for the item such that the proceeds of the settlem ent are available to the R e serve Bank by the close o f Fedw ire on th at day, or it shall return the item by the later o f the close of the paying bank's banking day or the close of Fedwire. If the paying bank fails to settle for or re tu rn a cash item in accordance with this p aragraph ( a ) ( 1 ) , it is accountable for the am ount o f the item as of the close of its banking day or the close o f Fedwire on the day it receives the item, whichev er is earlier. (2 ) (i) On the day a paying bank re ceives a cash item directly or indirect ly from a Reserve Bank, it shall settle for the item so that the proceeds o f the settlement are available to the Reserve 2 A paying b an k is deem ed to receive a cash item on its next banking day if it receives the item ( 1 ) on a day o th e r th a n a banking day for it; o r ( 2 ) on a banking day for it, bu t after a “ cut-off h o u r " established by it in a c co rdance w ith state law. 1 Regulation J Bank, o r return the item, by the latest of— (A ) the next clock hour that is at least one hour after the paying bank receives the item; (B ) one ho u r after the scheduled opening of Fedwire; or (C ) such later time as provided in the Reserve B ank’s operating circular. (ii) If the paying bank fails to settle for or return a cash item in accord ance with paragraph ( a ) ( 2 ) ( i ) of this section, it shall be subject to any appli cable overdraft charges. Settlement under paragraph ( a ) ( 2 ) (i) of this section satisfies the settlement require ments of paragraph ( a ) ( 1 ) of this section. ( 3 ) ( i ) If a paying bank closes voluntar ily on a day that is a banking day for a Reserve Bank, and the Reserve Bank makes a cash item available to the paying bank on tha t day, the paying bank shall either— (A ) on that day, settle for the item so that the proceeds o f the settle m ent are available to the Reserve Bank, or return the item, by the lat est of— ( / ) the next clock h o u r tha t is at least one hour after the paying bank ordinarily would have re ceived the item; (2 ) one ho u r after the scheduled opening of Fedwire; or (3 ) such later time as provided in the Reserve B ank’s operating circular; or (B ) on the next day that is a bank ing day for both the paying bank and the Reserve Bank, settle for the item so that the proceeds of the set tlement are available to the Reserve Bank by the later of— ( / ) one hour after the scheduled opening of Fedwire on that day; or (2 ) such later time as provided in the Reserve B ank’s operating circular; and com pensate the Reserve Bank for the value o f the float associated! with the item in accordance with procedures provided in the Reserve B ank’s operating circular. (ii) If a paying bank closes voluntari ly on a day th a t is a banking day for a Reserve Bank, and the Reserve Bank makes a cash item available to the paying bank on th at day, the paying bank is not considered to have re ceived the item until its next banking day, but it shall be subject to any ap plicable overdraft charges if it fails to settle for or return th e item in accord ance with paragraph ( a ) ( 3 ) ( i ) of this section. T he settlement requirem ents of paragraphs ( a ) ( 1 ) and ( a ) ( 2 ) of this section do not apply to a paying bank that settles in accordance with paragraph (a ) (3 ) (i) of this section. ( 4 ) ( i ) If a paying bank receives a cash item directly or indirectly from a R e serve Bank on a banking day that is not a banking day for the Reserve Bank— (A ) The paying bank shall— ( / ) settle for the item so that the proceeds of the settlement are available to the Reserve Bank by| the close of Fedw ire on the R e serve Bank's next banking day; or (2) return the item by midnight o f the day it receives the item. If the paying bank fails to settle for or return a cash item in accordance with this paragraph ( a ) ( 4 ) ( i ) ( A ) , it shall become accountable for the am ount of the item as of the close of its banking day on the day it re ceives the item. (B ) T he paying bank shall— ( / ) settle for the item so that the proceeds of the settlement are available to the Reserve Bank by one h our after the scheduled opening of Fedwire on the R e serve B ank’s next banking day or such later time as provided in the Reserve B ank’s operating circu lar; or (2 ) return the item by midnight of the day it receives the item. Regulation J If the paying bank fails to settle for o r return a cash item in accordance with this paragraph ( a ) ( 4 ) ( i ) ( B ) , it shall be subject to any applicable overdraft charges. Settlement under this paragraph ( a ) ( 4 ) ( i ) ( B ) satis fies the settlement requirem ents of paragraph ( a ) ( 4 ) ( i ) ( A ) of this section. (ii) T he settlement requirem ents of paragraphs ( a ) ( 1 ) and ( a ) ( 2 ) of this section do not apply to a paying bank that settles in accordance with para graph ( a ) ( 4 ) ( i ) o f this section. (5 ) Settlement with a Reserve Bank u n der paragraphs (1) through (4 ) o f this section shall be m ade by debit to an ac count on the Reserve B ank’s books, cash, o r other form of settlement to which the Reserve Bank agrees. (6 ) If a cash item is unavailable for re turn, the paying bank may send a notice in lieu of return as provided in section 2 2 9 .3 0 (0 of this title. 7. Effective October 14, 1993, section 210.28(b) is am ended by adding paragraph (5) as follows: (5) If a sender, other than a governm ent sender described in section 210.25(d) of this part, incurs an overdraft in its account as a result o f a debit to the account by a Federal Reserve Bank un d er paragraph (a ) o f this section, the account will be sub ject to any applicable overdraft charges, re gardless o f w hether the overdraft has be come due and payable. A Federal Reserve Bank may debit a sender’s account under paragraph (a ) of this section immediately on acceptance of the paym ent order. FE D E R A L RESERVE ACT 8. The last sentence o f the first paragraph o f section 16 is corrected to read as follows: The Board of G overnors o f the Federal R e serve System shall, by rule, fix the charges to be collected by the m em ber banks from its patrons whose checks and other items, including negotiable orders of w ithdrawal and share drafts are cleared through the Federal reserve bank and the charge which may be imposed for the service of clearing or collection rendered by the Federal re serve bank. 9. Effective D ecember 19, 1991, section 25(b) is redesignated section 25B. 3 Board of Governors of the Federal Reserve System Amendments to Regulation H Membership of State Banking Institutions in the Federal Reserve System November 1993* 1. Effective October 8, 1993, a new section 208.20 is added, as follows: SECTION 208.20— Reports of Crimes and Suspected Crimes (a) Purpose. This section applies to know n o r suspected crimes involving state m em ber banks. This section ensures that law enforcement agencies are notified by means of criminal referral reports when unexplained losses or known or suspected criminal acts are discovered. Based on these reports, the federal governm ent will take appropriate m easures and will m ain tain an interagency database that is derived from these reports. (b ) Institution-affiliated party. Institutionaffiliated party means any institution-affiliated party as that term is defined in sec tions 3 (u ) and 8 ( b ) ( 3 ) and (4 ) of the F D IA (12 USC 1813(u ) and 1 8 1 8 (b )(3 ) and ( 4 ) ) . (c ) Reports required. A state mem ber bank shall file a criminal referral report us ing a standardized form ( F o r m ) ,14 in ac cordance with instructions for the Form , in every situation where— (1 ) the state m em ber bank suspects one o f its directors, officers, employees, agents, or other institution-affiliated p ar ties of having com m itted or aided in the commission o f a crime; (2 ) there is an actual or potential loss to the state m ember bank (before reim bursem ent or recovery) of more than 14 Copies o f th e F o rm ( F R 2230) are available from the F ed eral R eserve Banks. T h e F orm mav be prepared using a co m p u ter shell th a t is d istributed b> the Board * A co m p lete R eg u lation H, as am ended effective O cto ber 8, 1993, consists o f— • • th e regulation p am p h let dated M arch 1993 (see inside co v e r) and this slip sheet. $ 1,000 where the state m em ber bank has a substantial basis for identifying a possi ble suspect or group of suspects and the suspect(s) is not a director, officer, em ployer, agent, or institution-affiliated party o f the state m em ber bank; (3) there is an actual or potential loss to the state m em ber bank (before reim bursement o r recovery) of $5,000 or more and where the state m ember bank has no substantial basis for identifying a possible suspect or group o f suspects; or (4 ) the state m ember bank suspects that it is being used as a conduit for criminal activity, such as money laundering or structuring transactions to evade the Bank Secrecy A ct reporting require ments. (d ) T im e fo r reporting. (1 ) A state m em ber bank shall file the report re quired by paragraph (c ) of this section no later than 30 calendar days after the date of detection of the loss or the know n or suspected criminal violation or activity. If no suspect has been identified within 30 calendar days after the date of the detection o f the loss or the known, attem pted, or suspected criminal viola tion or activity, reporting may be de layed an additional 30 calendar days or until a suspect has been identified; but in no case shall reporting of known or sus pected crimes be delayed more than 60 calendar days after the date of the detec tion o f the loss or the known, attem pted, or suspected criminal violation or activi ty. W hen a report requirem ent is trig gered by the identification of a suspect or group of suspects, the reporting period commences with the identification of each suspect or group of suspects. (2 ) W hen a state mem ber bank detects a pattern o f crimes com m itted by an identifiable individual, the state member 1 Regulation H bank shall file a report no later than 30 calendar days after the aggregated am ount o f the crimes exceeds $ 1,000. (3 ) In situations involving violations re quiring im mediate attention or where a reportable violation is ongoing, the state m em ber bank shall im mediately notify by telephone the appropriate law en forcement agency and the appropriate Federal Reserve B ank in addition to fil ing a timely written report. (e) Reporting to state an d local authorities. State m em ber banks are encouraged to file copies o f the Form with state and local au thorities where appropriate. ( 0 Exceptions. A state m em ber bank need not file the F o rm — (1 ) for those robberies and burglaries that are reported to local law enforce ment authorities; and 2 (2 ) for lost, missing, counterfeit, or sto len securities if a report is filed pursuant to the reporting requirem ents of 17 C F R 240.17f-l. (g) Retention o f records. A state member bank shall maintain copies o f any Form tha t it filed and the originals of all related docum ents for a period of 10 years from the date of the report. (h ) Notification to board o f directors. The managem ent of a state m ember bank shall prom ptly notify its board of directors of any report filed pursuant to this section. (i) Penalty. Failure to file a report in ac cordance with the instructions on the Form and this regulation may subject the state m em ber bank, its directors, officers, em ployees, agents, or other institution-affiliat ed parties to supervisory action. Board of Governors of the Federal Reserve System Amendments to Regulation D Reserve Requirements o f Depository Institutions January 1994* 1. E ffective D ecem ber 14, 1993, the table in section 204.9(a)(1) is am end ed to read as follows: Category NET TRANSACTION ACCOUNTS* $0 to $51.9 million Over $51.9 million Reserve requirement 3% of amount $1,557,000 plus 10% of amount over $51.9 million NONPERSONAL TIME DEPOSITS 0% EUROCURRENCY LIABILITIES 0% * D o lla r a m o u n ts d o no t reflect th e a d ju stm en t to be m a d e by th e next p ara g ra p h . 2. E ffective D ecem ber 14, 1993, section 204.9(a)(2) is am ended by changing $3.8 m illion to $4.0 m illion. *A co m p lete R eg u latio n D , as am ended effective D ecem b e r 14, 1993, consists o f— • th e reg u latio n p a m p h le t d a te d A pril 1993 (see inside c o v e r) an d • th is slip sheet. Board of Governors of the Federal Reserve System Amendments to Regulation O Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks January 1994* 1. E ffective D ecem ber 17, 1992, section 2 IS. 2 (I) is am ended to read as follows: (I) ( I ) Principal shareholder m eans a per son (o ther th an an insured bank) that directly or indirectly, o r acting through o r in concert w ith one o r m ore persons, owns, controls, or has th e pow er to vote m ore than 10 percent o f any class o f vot ing securities o f a m em ber bank o r com pany. Shares owned o r controlled by a m em ber o f an individual’s im m ediate family are considered to be held by the individual. (2 ) A principal shareholder o f a m em ber bank includes— (i) a principal shareholder o f a com pany o f w hich the m em ber bank is a subsidiary, and (ii) a principal shareholder o f any other subsidiary o f tha t com pany. (3 ) A principal shareholder o f a m e m ber bank does not include a com pany o f w hich a m em ber bank is a subsidiary. 2. Effective N ovem ber 18, 1993, section 215.4(d)(2) is am en ded to exten d the N o vem ber 18, 1993, deadline fo r three months, to February 18, 1994. 3. E ffective M a y 3, 1993, section 215.4(d) is am en ded to read as follow s: (d ) * * * ( 1) * * * (2) * * . • A co m p lete R eg u latio n O , as a m en d ed effective N o v e m b e r 18, 1993, consists o f— • th e reg u latio n p am p h let d a te d Ju ly 1992 (see inside co v e r) an d • this slip sheet. Ite m 2 is new. Item s 1, 3, 4, an d 5 w ere included in th e J u n e 1993 slip sheet. (3 ) Exceptions. T he general limit speci fied in parag rap h ( d ) ( 1 ) o f this section does n ot apply to the following: (i) extensions o f credit secured by a perfected security interest in bonds, notes, certificates o f indebtedness, or T reasury bills o f the U nited States or in o th e r such obligations fully guaran teed as to principal a n d interest by the U nited States; (ii) extensions o f credit to o r secured by unconditional takeout com m it m ents o r guarantees o f any d epart m ent, agency, bureau, board, com m is sion o r establishm ent o f the United States o r any corporation wholly ow ned directly o r indirectly by the U nited States; or (iii) extensions o f credit secured by a perfected security interest in a segre gated deposit account in the lending bank. (iv ) the exceptions in this paragraph ( d ) ( 3 ) apply only to the am ount of such extensions o f credit th at are se cured in the m anner described herein. 4. Section 22(h)(2) o f the F ederal Reserve A c t is corrected to read as follows: (2 ) A m em ber bank m ay extend credit to its executive officers, directors, o r principal shareholders, o r to any related interest of such a person, only if the extension of credit— (A ) is m ad e on substantially the same terms, including interest rates and collat eral, as those prevailing at the time for com parable transactions by the bank w ith persons who are n ot executive offi cers, directors, principal shareholders, or employees o f the bank; (B ) does n ot involve m ore than the nor1 m al risk o f repaym ent o r present other unfavorable features; and ( C ) the bank follows credit underw rit ing procedures th a t are not less stringent th a n those applicable to com parable transactions by the bank w ith persons w ho are n o t executive officers, directors, principal shareholders, o r employees o f the bank. 5. Section 22(h)(9)(D ) o f the Federal Reserve A c t is am end ed to read as follows: ( D ) ( i ) A m em ber bank extends credit by m aking or renewing any loan, granting a line o f credit, or entering into any simi la r transaction as a result o f w hich a per son becomes obligated (directly or indi rectly, o r by any m eans w hatsoever) to pay m oney o r its equivalent to the bank, (ii) T he B oard may, by regulation, m ake exceptions to clause (i) for tra n s actions th a t the B oard determ ines pose m inim al risk. 2 Board of Governors of the Federal Reserve System Amendments and Corrections to Regulation Z Truth in Lending October 1993* 1. Section 226.5a(a)(3) is corrected by adding the words " o f the type” before the words "subject to the requirem ents o f section 226.5b". 2. Section 226.5a(g)(2) is corrected by deleting "and is fig ured in the sam e way as the first balance" fro m the last sentences o f subpara graphs (i) and (ii). 3. Effective July 29, 1992, section 226.5b(f)(2) is am ended by deleting "or” a t the end o f paragraph (ii), by deleting the period and adding "; or" a t the end o f paragraph (iii), and by adding a new paragraph (iv) to read as follows: (iv) federal law dealing with credit extend ed by a depository institution to its execu tive officers specifically requires that as a condition of the plan the credit shall be come due and payable on dem and, provided that the creditor includes such a provision in the initial agreement. 4. Effective Septem ber 19, 1990, section 226.5b(f)(3) is am ended by deleting subpar agraph (vi)(G) a nd revising subparagraph (i) to read as follows: (i) Provide in the initial agreem ent that it may prohibit additional extensions of credit or reduce the credit limit during any period in which the m axim um annual percentage rate is reached. A creditor also may provide in the initial agreement that specified • A com plete R egulation Z, as am ended and corrected effective July 29, 1993, consists o f— • th e p am p h let dated July 1989 (see inside cover) and • this slip sheet. Item s 7, 8, an d 12 are n ew .T he oth e r item s were included in th e A u g u st 1992 slip sheet. changes will occur if a specified event takes place (for example, th a t the annual per centage rate will increase a specified am ount if the consum er leaves the credi to r’s em ploym ent). 5. Effective Septem ber 19, 1990, section 226.9(c)(3) is am ended to read as follows: (3 ) N otice fo r hom e-equity plans. If a credi tor prohibits additional extensions of credit or reduces the credit limit applicable to a home-equity plan pursuant to section 2 2 6 .5 b (f )(3 )( i) or 2 2 6 .5 b (f)(3 )(v i), the creditor shall mail or deliver written notice o f the action to each consum er who will be affected. The notice m ust be provided not later than three business days after the ac tion is taken and shall contain specific rea sons for the action. If the creditor requires the consum er to request reinstatem ent of credit privileges, the notice also shall state that fact. 6. Section 226.9(e)(1) and (f)(1) are corrected by adding the words " o f the type" before the words "subject to section 226.5a”. 7. Effective J u ly 29. 1993, section 226.15(e) is am ended by designating the first paragraph as (1). m odifying the last sentence o f the first paragraph, adding a paragraph (2), an d re designating the existing footnote num bers to accom m odate the new footnote as follows: (e) Consumer's waiver o f right to rescind. (1 ) T he consum er may modify o r waive the right to rescind if the consum er deter mines that the extension of credit is need ed to meet a bona fide personal financial emergency. T o modify or waive the right, the consum er shall give the creditor a 1 Regulation Z dated w ritten statem ent tha t describes the emergency, specifically modifies or waives the right to rescind, and bears the signatures o f all the consum ers entitled to rescind. Printed forms for this purpose are prohibited, except as provided in p a r agraph (2 ) o f this section. (2 ) T he need o f the consum er to obtain funds im mediately shall be regarded as a bona fide personal financial emergency provided that the dwelling securing the extension of credit is located in an area declared during June through September 1993, pursuant to 42 USC 5170, to be a m ajor disaster area because of severe storm s and flooding in the M idwest.363 In this instance, creditors may use p rin t ed forms for the consum er to waive the right to rescind. This exemption to pa ra graph ( e ) ( 1 ) of this section shall expire one year from the date an area was de clared a m ajor disaster. 36* A list o f th e affected areas will be m aintained by the B oard. Such areas now include parts o f Iow a. Illinois, M innesota, M issouri, N eb rask a, S o u th D ak o ta , and W isconsin. 8. Effective Ju ly 29, 1993, section 226.23(e) is am ended by designating the first paragraph as (1), m odifying the last sentence o f the first paragraph, an d adding a paragraph (2) as follows: (e) Consum er's waiver o f right to rescind. (1 ) The consum er may modify or waive the right to rescind if the consum er deter mines that the extension of credit is need ed to meet a bona fide personal financial emergency. To modify or waive the right, the consum er shall give the creditor a d ated written statem ent that describes the emergency, specifically modifies or waives the right to rescind, and bears the signature of all of the consum ers entitled to rescind. Printed forms for this purpose are prohibited, except as provided in par agraph (2 ) o f this section. (2 ) The need of the consum er to obtain funds immediately shall be regarded as a bona fide personal financial emergency provided that the dwelling securing the extension of credit is located in an area declared during June through Septem 1993, pursuant to 42 USC 5170, to be a m ajor disaster area because o f severe storm s and flooding in the M idwest.48* In this instance, creditors may use p rin t ed forms for the consum er to waive the right to rescind. This exemption to p ara graph ( e ) ( 1 ) o f this section shall expire one year from the date an area was de clared a major disaster. 48> A list o f the affected areas will be m aintained by the Board Such areas now include parts o f Illinois, Iow a. M in nesota. M issouri, N ebraska, South D akota, an d W isconsin. 9. Effective Septem ber 19, 1990, appendix G-14C is removed. 10. A ppendix I is am ended, effective October 8, 1991, an d M ay 13, 1992, by revising the introductory paragraph and the first fo u r entries to read as follows: A P P E N D I X I— F e d e r a l E n fo rc e m e n t A g e n c ie s T he following list indicates which federal agency enforces R egulation Z for p artic u lar classes of businesses. A ny questions c o J cem ing com pliance by a particular business should be directed to the appropriate en forcement agency. Term s that are not de fined in the Federal Deposit Insurance Act (12 USC 1813( s ) ) shall have the meaning given to them in the International Banking A ct of 1978 (12 USC 3101). N ational banks a nd fed era l branches and fed era l agencies o f foreign banks District office of the Office of the C om ptrol ler of the Currency for the district in which the institution is located. State m em ber banks, branches an d agencies o f foreign banks (other than fe d era l branch es, fe d e ra l agencies, and insured state branches o f foreign banks), com m ercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25A o f the Federal R e serve Act Federal Reserve Bank serving the District in which the institution is located. Regulation Z N onm em ber insured banks and insured state branches o f foreign banks Federal Deposit Insurance C orporation re gional director for the region in which the institution is located. Savings institutions insured under the Sav ings Association Insurance F und o f the F D IC and fed era lly chartered savings banks insured under the B a n k Insurance F und o f the F D IC (but not including state-chartered savings banks insured under the B a n k I n surance Fund). Office of T hrift Supervision regional direc tor for the region in which the institution is located. * * * * * TRUTH IN LEN D IN G ACT 11. Effective D ecember 19, 1991, section 108(a) o f the Truth in Lending A ct is am ended to read as follows: b anks), com mercial lending com pa nies owned o r controlled by foreign banks, and organizations operating under section 25 or 25A of the F ed eral Reserve A ct, by the Board; and (C ) banks insured by the Federal D eposit Insurance C orporation (o th er than m embers o f the Federal R e serve System) and insured State branches o f foreign banks, by the Board o f D irectors o f the Federal Deposit Insurance Corporation. (2 ) section 8 of th e Federal Deposit Insurance A ct, by the D irector of the Office of T hrift Supervision, in the case of a savings association the deposits of which are insured by the Federal D epo sit Insurance Corporation. * * SECTION 108— Administrative Enforcement (a ) C om pliance with the requirem ents imposed under this title shall be enforced under (1 ) section 8 of the Federal Deposit Insurance Act, in the case of— (A ) national banks, and Federal branches and Federal agencies of for eign banks, by the Office o f the C om ptroller of the Currency; (B ) m ember banks of the Federal Reserve System (other than national banks),-branches and agencies o f for eign banks (other than Federal branches, Federal agencies, and in sured State branches of foreign * * * * (4 ) the Federal Aviation A ct of 1958, by the Secretary o f T ransportation with respect to any air carrier or foreign air carrier subject to th a t Act. * * * * The term s used in paragraph (1 ) that are not defined in this title or otherwise de fined in section 3 (s ) o f the Federal D epo sit Insurance A ct (12 U.S.C. 1813(s)) shall have the meaning given to them in section 1 (b) o f the International Banking A ct of 1978 (12 U.S.C. 3101). COMPETITIVE EQUALITY B A N K IN G ACT OF 1987 12. Effective October 28, 1992, section 1204(d)(2) o f the Competitive E quality B anking A ct o f 1987 is am ended by a d d ing the word “consum er” before the words “loan secured by a lien ”.
@FedFRASER