The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
F e d e r a l Re s e r v e Ba n k DALLAS, TEXAS of Dallas 75222 C ircular No. 76-106 Ju ly 28, 1976 A m e ric a n R e v o lu tio n B ic e n te n n ia l CORRECTION TO AMENDMENTS TO REGULATION B TO ALL BANKS, OTHER CREDITORS, AND OTHERS CONCERNED IN THE ELEVENTH FEDERAL RESERVE DISTRICT: This c irc u la r letter se rv e s to correc t the amendments to Regulation B (Equal C redit O p p o rtu n ity ), effective Ju ly 30, 1976, that we sent you in our C ircu lar No. 76-101, dated Ju ly 20, 1976. The amendments to Regulation B a r e p rinted on the r e v e rs e of this c ir c u la r, which should be filed in your Regulations b in d e r . The e a rlie r mailing should be removed from y our b in d er and destroy ed . If you have any questions reg ard in g Regulation B, please con tact our Regulations Department at (214) 651-6269. Additional copies of the amendments will be fu rnish ed upon re q u e st to the S e c re ta ry 's Office of this Bank (214) 651-6267. Sincerely y o u r s , T . W. Plant F i r s t Vice P r e s id e n t 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 EQUAL CREDIT OPPORTUNITY AM ENDM ENTS T O R EG U LA T IO N BiEffective July 30, 1976, Section 202 .1 3 is am ended by revising paragraph 2 0 2 .1 3 ( b ) , re designating paragraph 2 0 2 .1 3 (c ) as paragraph 2 0 2 .1 3 (d ) and adding paragraph 2 0 2 .1 3 ( c ) . Sec tion 2 02 .1 3 reads as follow s: SE C T IO N 20 2.13 — P E N A L T IE S A N D L IA B IL IT IE S * * * * * (b ) Section 7 0 6 (e ) relieves a creditor from civil liability resulting from any act done or om itted in good faith in conform ity w ith any rule, regulation, interpretation by the Board o f G over nors o f the Federal R eserve System, or with any interpretation or approval issued by a duly author ized official or em ployee o f the Federal R eserve System, notw ithstanding that after such act or om ission has occurred, such rule, regulation, or interpretation is am ended, rescinded, or otherwise determ ined to be invalid for any reason. (c) ( 1 ) A n y request for form al Board interpre tation or official staff interpretation o f Regulation B m ust be addressed to the D irector o f the Office o f Saver and C onsum er Affairs, Board o f G over nors o f th e Federal R eserve System, W ashington, D .C . 2 0 5 5 1 . Each request fo r interpretation must contain a com p lete statement, signed by the per son m aking the request or a duly authorized agent, o f all relevant facts o f the transaction or credit arrangement relating to the request. True copies o f all pertinent docum ents must be submitted with the request. T he relevance o f such docum ents must, how ever, be set forth in the request and the docum ents m ust not m erely be incorporated by reference. T he request m ust contain an analysis o f the bearing o f the facts on the issues and specifying the pertinent provisions o f the statute and regulation. W ithin fifteen business days of receipt o f th e request, a substantive response w ill be sent to the person m aking the request or an acknow ledgem ent will be sent w hich sets a rea sonable tim e w ithin w hich a substantive response will be given. (2 ) A n y request for reconsideration o f an official staff interpretation o f R egulation B must be addressed to the Secretary, Board o f G over nors o f th e Federal R eserve System , W ashington, D .C . 205 5 1 , w ithin thirty days o f the publication o f such interpretation in the F E D E R A L R E G ISTER. E ach request for reconsideration must contain a statem ent setting forth in full the rea sons w hy the person m aking the request believes reconsideration w ould be appropriate, and must sp ecify and discuss the applicability o f the relevant facts, statute, and regulations. W ithin fifteen busi ness days o f receipt o f such request for reconsider ation, a response granting or denying the request will be sent to the person m aking the request, or an acknow ledgem ent w ill be sent w hich sets a reasonable tim e within w hich such response w ill be given. (3 ) Pursuant to § 7 0 6 (e ) o f the A ct, th e Board has designated the D irector and other officials of the Office o f Saver and C onsum er Affairs as offi cials “duly authorized” to issue, at their discretion, official staff interpretations o f this Part. This designation shall not be interpreted to include authority to approve particular creditors’ form s in any manner. (4 ) T he type o f interpretation issued w ill be determ ined by the Board and the designated offi cials by the follow ing criteria: (i) Official Board interpretations w ill be issued upon those requests w hich involve poten tially controversial issues o f general applicability dealing w ith substantial am biguities in this Part and w hich raise significant p olicy questions. (ii) Official staff interpretations w ill be issued upon those requests w hich, in the opinion o f the designated officials, require clarification o f technical am biguities in this Part or w hich have no significant p olicy im plications. (iii) U nofficial staff interpretations w ill be issued where the protection o f § 7 0 6 (e ) o f the A ct is neither requested nor required, or where time strictures require a rapid response. (d ) [Redesignated.] t For this Regulation to be complete as amended effective July 30, 1976, retain: 1) Printed pamphlet containing Regulation B, dated October 28, 1975; 2 ) Amendments, effective June 30, 1976, to Sections 202.4, 202.5, 202.9, 202.10, 202.14, and effective May 13, 1976, to Section 202.10(f); and 3) This slip sheet.
@FedFRASER