Full text of District Notices (Federal Reserve Bank of Dallas) : Deferment of Effective Date of Subsection (f) Entitled "Interest", of Regulation Q

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FE D E R A L R E SE R V E B AN K
OF DALLAS

Dallas, Texas, January 28, 1936

DEFERMENT OF EFFECTIVE DATE OF SUBSECTION (f)
ENTITLED “INTEREST” , OF REGULATION Q

To the Member Bank Addressed:

There is quoted below, for your information and guidance, a telegram
which I have received from the Board of Governors of the Federal Reserve
System, dated January 27, 1936, with further reference to the effective
date of a certain subsection of Regulation Q, as revised:
“Referring Board’s telegram December 28, 1935, advising of de­
ferment of effective date of Subsection ( f ), entitled ‘Interest’, of Sec­
tion 1 of revised Regulation Q, pending action by Federal Deposit
Insurance Corporation on its regulations relating to the payment of
interest on deposits by insured nonmember banks, Board is now ad­
vised that Federal Deposit Insurance Corporation has issued regula­
tions on this subject containing a definition of interest which is not
the same as the definition of interest in Regulation Q. Pending further
consideration of this matter by the Board, a date upon which Sub­
section (f) of Section 1 of Regulation Q will become effective has not
been fixed and status of definition of interest in Regulation Q therefore
remains unchanged for the present. All other provisions of Regulation
Q are now in effect. Please advise all member banks in your district to
this effect without delay.”
As soon as the Board takes final action in regard to this matter I shall
promptly advise you of such action.
Yours very truly,

Federal Reserve Agent

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