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M1SCL. U . 20M-10125 FEDERAL RESERVE BANK OF DALLAS number f iv e December 26th, 1914* TO THE M BER BANK ADERESSED : EM This bank is advised by the Federal Reserve Board that i t has taken the fo llo w in g a c tio n w ith referen ce to the opera t io n o f re g u la tio n No® 4 which req u ired every member bank, from and a ft e r January 15th, 1915, to m aintain c r e d it f i l e s r e la t in g to a l l borrowers whose n o tes, d r a fts , or b i l l s o f exchange might be o ffe r e d fo r re -d is c o u n ti ’’The Governors o f the Federal Reserve Banks have ex pressed the d e s ire that the op eration o f R egu lation No* 4, which under i t s terms was to go in to e ffe c t on January 15th, should be d e fe rre d fo r the present® This re g u la tio n r e la te s to statements that member banks would be req u ired to r e c e iv e from th e ir customers in the fu tu re , and the unanimous opin ion expressed by the Governors was that i t would be d esira b le and h e lp fu l, p a r t ic u la r ly to the country banks in many d i s t r i c t s , t o a llo w ample time f o r both member banks and t h e ir customers to adjust t h e ir methods to these new requirements* The Board has, th e r e fo r e , decided th at R egu lation No * 4 s h a ll not go inQ to e f f e c t on January 15th, but that i t w i l l be held in abeyance f o r severa l months. A d e fin it e announcement w i l l be made in due course* I t is the d e s ire of the Board to f a c i l i t a t e the operations of the Reserve Banks in any way con sisten t w ith the Law.** This is sent fo r your inform ation and guidance. R e s p e c tfu lly , OSCAR WELLS, Governor This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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