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FEDERA L RESERVE BANK OF DALLAS
DALLAS, TEXAS

75222

Circular No. 81-103
May 27, 1981

PROPOSED AMENDMENTS TO REGULATION J
TO ALL DEPOSITORY INSTITUTIONS,
AND OTHERS CONCERNED IN THE
ELEVENTH FEDERAL RESERVE DISTRICT:
The Board of Governors of the Federal Reserve System
is requesting comment on four proposed amendments to Subpart A
of Regulation J — Collection of Checks and Other Items.
Enclosed is a copy of the Board's press release dated
April 27, 1981, and a copy of material published in the Federal
Reg is t e r. Interested persons are invited to submit comments to
James McAfee, Assistant Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue, N.W.,
Washington, D.C. 20551, to be received no later than June 19,
1981. When submitting comments, please refer to Docket No. R-0357.
Sincerely yours,
William H. Wallace
First Vice President

Banks and others are encouraged to use the following incoming W A T S numbers in contacting this Bank:
1-800-442-7140 (intrastate) and 1-800-527-9200 (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)

FEDERAL RESERVE press release

For immediate release

April 27, 1981

The Federal Reserve Board today proposed four amendments of
its Regulation J —

Collection of Checks by the Federal Reserve —

to

implement portions of the Monetary Control Act of 1980 and make certain
technical changes.
The Board requested comment by June 19, 1981.
The Monetary Control Act expanded eligibility for access to
Federal Reserve collection of checks and other items to all depository
institutions.

The first of the Board's amendments would conform

Regulation J to this change.

In general, access to Federal Reserve

services will begin when pricing for them starts, with check fees
scheduled to be effective in August.

The proposed amendments are described in the attached summary
of the Board's official notice of its action.

The text of the notice is

available at the Federal Reserve Board and at the Federal Reserve Banks.

Attachment

24576

Proposed Rules

Federal Register
Vol. 46, No. 84
Friday, May 1. 1981

FEDERAL RESERVE SYSTEM
12 CFR Part 210
[D ocket No. R-0357]

Collection of Checks and Other Items
and Transfer of Funds; Regulation J
a g e n c y : Board of Governors of the

Federal Reserve System.
ACTION: Proposed rules.
su m m a ry : The Board proposes to make
several technical amendments to
Subpart A of Regulation ], governing the
collection of checks and other items by
Reserve Banks, in order to implement
the Monetary Control Act of 1980 and
for other purposes. First, the proposal
would define both a "sender” and a
“bank” to include a depository
institution as defined in section 19(b) of
the Federal Reserve Act, as amended by
the Monetary Control Act of 1980.
Second, the proposal would impose
upon a paying bank that returns an item
an indemnity for loss or expense
resulting from return of the item beyond
the deadlines provided in the regulation.
Third, the proposal would incorporate in
Subpart A provisions for the collection
of coupons and other securities similar
to the provisions with respect to
payment and return of cash items, other
than the deadlines for payment and
return. Fourth, the proposal would
impose a warranty, and a related
indemnity, upon a paying bank when it
returns a cash item. The paying bank
would warrant that it gave wire advice
of nonpayment, if such wire advice was
required by the Federal Reserve Bank
operating circulars.
DATE: Comments must be received by
]une 19,1981.
ADDRESS: Comments, which should refer
to Docket No. R-0357, may be mailed to
James McAfee, Assistant Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue, NW., Washington,
D.C. 20551, or delivered to Room B-2223
between 8:45 a.m. and 5:15 p.m.
Comments received may also be
inspected at Room B-1122 between 8:45
a.m. and 5:15 p.m., except as provided in
section 261.6(a) of the Board's Rules
Regarding Availability of Information
(12 CFR 261.6(a)).
FOR FURTHER INFORMATION CONTACT:

Lee S. Adams, Senior Counsel (202/452­
3623), or Joseph R. Alexander, Attorney

(202/452-2489), Legal Division, Board of
Governors of the Federal Reserve
System, Washington, D.C. 20551.
SUPPLEMENTARY INFORMATION: The
following technical amendments to
Subpart A of Regulation J, governing the
collection of checks and other items by
Reserve Banks, are proposed by the
Board to implement the Monetary
Control Act of 1980 and as technical
improvements to the regulation. The
Monetary Control Act amendment
would extend access to Reserve Bank
collection services to all depository
institutions on an equal basis. The
technical proposals generally strengthen
and clarify the protections provided by
the regulation to the senders of items
and enable sending banks to make
credit more readily available for cash
items and securities deposited by
customers for collection. The proposals
do not impose additional operating
burdens on paying banks with respect to
either cash or noncash items. The four
proposals are further described as
follows:
1. Expanded Access to Collection
Services. The Monetary Control Act of
1980 (Pub. L. 96-221, Title I) expands
access to Reserve Bank check collection,
wire transfer and other services to all
depository institutions and requires that
charges be imposed for such services.
Expanded access and pricing for wire
transfers of funds, governed by Subpart
B of Regulation ], became effective
January 29,1981; amendments to
Subpart B of Regulation J were not
necessary to implement this expanded
service. It is intended that expanded
access for Reserve Bank automated
clearing house services will be covered
by a uniform operating circular to be
issued by the Reserve Banks.
Expanded access and pricing for cash
and non cash item collection services
are currently scheduled for August and
October of 1981, respectively, and the
proposed amendments to Subpart A of
Regulation J are intended simply to
implement this expanded access by
broadening the definition of “sender” in
Subpart A to include a “depository
institution” as defined in section 19(b) of
the Federal Reserve Act. Charges for
collection services are being published
separately.
The proposed amendments would also
clarify that the term "bank" includes a
depository institution as defined in

Federal Register / VoL 46, No. 84 / Friday, May 1. 1981 / Proposed Rules
section 19(b). The Consumer Checking
Account Equity Act of 1980 (Pub. L. 96­
221, Title III) authorizes depository
institutions (as defined in 12 U.S.C.
1832(b)) to offer NOW accounts and
credit unions to offer share draft
accounts beginning December 31,1980.
The Board believes depository
institutions (including credit unions)
should be considered “banks”, at least
to the extent they offer third-party
payment accounts equivalent to
checking accounts, for purposes of
Article 4 of the Uniform Commercial
Code (“UCC”) and Subpart A of
RegulationJ. If a depository institution
is not a “bank” for purposes of Article 4
of the UCC and Subpart A, it would not
have deferred posting rights and would
have to pay or return items by the close
of business on the day of presentment.
2. Late Return o f Cash Items. Section
210.9 of Regulation J now provides that a
paying bank is accountable for the
amount of the cash item for which it has
made provisional payment unless it
returns the item within a specified time,
generally referred to as the midnight
deadline. Section 210.12 now provides
that a paying bank warrants to the
Reserve Bank and all other prior parties
in the chain of collection that the paying
bank returned a cash item in timely
fashion. Section 210.12 also provides
that the paying bank indemnifies the
Reserve Bank for any loss or expense
sustained (including attorney's fees and
expenses of litigation) resulting from a
breach of this paying bank's warranty.
The proposal would extend the benefit
of the indemnity by the paying bank to
the sender and all parties prior to the
paying bank, and would thereby
conform the scope of the indemnity to
the scope of the warranty of timely
return.
In 1975, the Reserve Banks included in
their cash item operating circulars a
procedure whereby a sender could
challenge the timeliness of return of an
item by a paying bank, and this
procedure was recently revised. The
current procedure provides for the
issuance of a certificate by the sender
alleging late return by the paying bank
and for the giving of a provisional credit
by the Reserve Bank to the sender on
the basis of that certificate. The
provisional credit will be revoked if a
Reserve Bank received from the paying
bank, within 15 days after having sent
the sender's certificate to it, a certificate
by the paying bank that it did all that
was necessary to return the item in a
timely manner under Regulation ].
Despite this procedure, sending banks
continue to complain that paying banks
sometimes return items in an untimely

manner. Sending banks b I b o complain
that it is not financially feasible to bring
suit in a distant jurisdiction against the
paying bank on the basis of an alleged
untimely return, particularly where the
amount of the item is rather small. The
Board believes that if senders are
indemnified by paying banks for
attorneys' fees and expenses of
successful litigation, they may be
encouraged to enforce the timely return
requirements, and payors might be less
willing to assume the business risk of
returning items late and breaching their
warranty.
The Board also believes that this
amendment and the recendy revised
procedure in the operating letters should
enhance the ability of senders to rely
upon returns being made within certain
periods of time, depending upon the
location of the paying bank with respect
to the sender, and accordingly should
permit senders to shorten the time by
which they defer credit to their
customers for items deposited. The
regulatory provisions of course only
apply to items handled by Reserve
Banks.
3. Handling of Coupons and Other

Securities by Reserve Banks as
Noncash Items. In 1975, the Reserve
Banks implemented the first phase of a
reformation of their noncash collection
operations by refusing to handle many
noncash items other than securities
(such as drafts drawn upon nonbank
payors), and by requiring that coupons
be enclosed in window envelopes for
handling on a “said to contain” basis
without examination of the coupons by
the Reserve Banks. On October 1,1979,
the Reserve Banks implemented “cash”
treatment of coupons and certain other
securities by granting credit for these
securities according to an availability
schedule, subject to receipt of final
payment from the payor. Thereafter, the
Reserve Banks implemented automatic
charge arrangements with payors,
whereby the payors pay for such
securities through a charge to an
account on the Reserve Bank’s books.
These changes have resulted in the
narrowing of differences between
Reserve Bank handling of cash items
(such as checks) and securities, which
are classified as noncash items because
they require special handling. For
example, coupons and certain other
securities, like cash items, now have
credit given for them according to an
availability schedule, rather than upon
receipt of final payment as was formerly
the case. In addition, these securities are
now paid under automatic charge
agreements, like cash items.

24577

Because of the erosion of differences
between cash items and security
noncash items, the Board is proposing
certain amendments to its Subpart A of
Regulation J to parallel with respect to
securities, the provisions relating to
payment and return of cash items. For
example, it is proposed to amend § 210.9
to impose accountability upon the payor
of a security for securities received by it
unless it pays or returns the security
within a stated deadline. The deadline
for payment and return of securities,
previously specified in Reserve Bank
operating letters, has been the banking
day following either the day of maturity
of the security or the day on which the
payor receives the security, whichever is
later. This deadline is not changed and
is carried over into the regulation.
Similarly, S 210.12 is proposed to be
amended to specify that the security
must be returned by the payor prior to
this deadline in order to avoid
accountability and to recover any
payment that may have been made
under an automatic charge agreement.
In addition, 5 210.12 would be amended
to provide that a Reserve Bank has no
responsibility for determining whether a
payor returned a security in timely
fashion. The regulation would not
specify the availability schedule for
credit to sending banks for securities
deposited for collection. Such
availability schedules would continue to
be found in the Reserve Bank operating
letters as in the case of cash items. The
Board believes that the proposed
amendments are necessary in order to
more clearly reflect the new operational
reality. In addition the provisions would
underline the responsibility of payors to
pay or return within the specified
deadline, and would provide for
automatic charge as die expected means
of payment by all payors of securities.
4. Wire Advice o f Nonpayment for
Cash Items. Currendy, the Reserve Bank
cash item operating letters, with certain
exceptions, impose a uniform instruction
calling for wire advice of nonpayment of
cash items being returned for credit if
the cash item is $2,500 or more. The wire
advice requirement is intended to speed
up the notice of dishonor or nonpayment
to the sender of the cash item, and is an
additional requirement imposed upon
the paying bank. The circulars do not
make the paying bank accountable if
wire advice is not given, and the courts
(see Bank o f Wyandotte v. Woodrow,
394 F. Supp. 550 (W.D. Mo. (1975)), have
generally held that if wire advice is not
given, damages may be recovered by the
sender only if the damages would have
been averted if wire advice had been
given. With faster clearing by Reserve

24578

Federal Register / Vol. 46, No. 84 / Friday, May 1, 1981 / Proposed Rules

Banks, the return item itself sometimes
is received by the sender as soon as the
wire advice is or would have been
received, and as a result, a recent Bank
Administration Institute report indicates
that the giving of wire advice has
declined to the point where paying
banks give wire advice perhaps less
than 50 percent of the time it is required.
As is the case with monitoring timely
return of cash items by paying banks,
the Reserve Banks disclaim any
responsibility for determining whether a
paying banlehas given wire advice of
nonpayment, and the Reserve Banks
give wire advice themselves only if they
receive it from a paying bank.
The Board believes that it is important
to encourage prompt notice to the
sending bank of a return of a cash item.
If the sending bank can be assured of
obtaining prompt notice of nonpayment,
it will be encouraged to shorten the time
it defers credit to its customers for items
deposited for collection. On the other
hand, the Board believes that it is not
feasible at this time to require paying
banks to initiate wire advice directly to
the depositing bank, or to require
expedited handling of wire advice of
nonpayment by banks in the collection
chain. However, the Board does believe
that paying banks should be encouraged
to initiate wire advice, since the item
itself may be delayed in return.
Accordingly, the Board proposes to
impose upon the paying bank a
warranty that it has given wire advice
when required, and an indemnity to the
parties prior to the paying bank for loss
and expense (including attorneys' fees
and expenses of litigation) resulting
from breach of this warranty by the
paying bank. If this proposal is adopted,
the Reserve Banks intend to modify their
operating circulars to raise the minimum
amount of a cash item for which advice
is required from $2,500 to $5,000.
Regulatory Flexibility Act Analysis
The Board has considered the requirements
imposed by the Regulatory Flexibility Act
with respect to the impact of the rulemaking
on small financial institutions. Due to the
nature of Regulation J, the Board does not
feel it could differentiate between large and
small institutions in the regulation.
Regulation ] is an operating rule which
governs the relationship between Reserve
Banks and depository institutions utilizing
Federal Reserve check collection and wire
transfer services. The collection activities of
the Reserve Banks closely resemble those of
correspondent commercial banks. While
Article 4 of the Uniform Commercial Code,
governs the rights and obligations of
commercial banks handling items for
collection. RegulationJ both supplements and
restricts the operation of Article 4 in defining
the relationships, rights, and obligations of
the Reserve Banks with respect to senders.

payable is willing to accept as a cash
item.
(f) “Check" means a draft, as defined
in the Uniform Commercial Code, that is
drawn on a bank and payable on
demand.
(g) “Item” means an instrument for the
payment of money, whether negotiable
or not, that is:
(1) Payable in a Federal Reserve
D istrict1("District”);
(2) Sent by a sender to a Reserve Bank
for handling under this subpart; and
(3) Collectible in funds acceptable to
the Reserve Bank of the District in
which the instrument is payable.
Unless otherwise indicated, “item"
includes both cash and noncash items.
“Item” does not include a check that
cannot be collected at par,2or an “item"
as defined in § 210.26 that is handled
under Subpart B.
(h) “Nonbank payor” means a payor
of an item, other than a bank.
(i) “Noncash item” means an item that
a receiving Reserve Bank classifies in its
operating circulars as requiring special
handling. The term also means an item
normally received as a cash item if a
Reserve Bank decides that special
conditions require that it handle the
item as a noncash item.
Pursuant to its authority under section
(j) "Paying bank” means:
13 of the Federal Reserve Act, as
(1) The bank by which an item is
amended (12 U.S.C. 342); section 16 of
payable, unless the item is payable or
the Federal Reserve Act (12 U.S.C.
collectible through another bank and is
248(o); 12 U.S.C. 360); and section ll(i)
sent to the other bank for payment or
of the Federal Reserve Act (12 U.S.C.
collection; or
248(i)), the Board proposes to amend
(2) The bank through which an item is
Regulation J (12 CFR 210) as follows:
payable or collectible and to which it is
1.
In § 210.2, new paragraphs (b) and
sent for payment or collection.
(k) are added and existing paragraphs
(k) “Security” means a bond,
(b) through (k) are revised and
redesignated paragraphs (c) through (m), debenture, coupon, or similar evidence
of indebtedness, that a Reserve Bank
and reads as follows:
classifies as a noncash item. Security
§210.2 Definitions.
does not include an obligation of the
United States or of its agencies or
As used in this subpart, unless the
context otherwise requires:
instrumentalities, or an obligation of an
*
*
*
*
*
international organization paid by a
Reserve Bank as fiscal agent.
(b) “Bank" includes a depository
(1) “Sender” means any of the
institution as defined in section 19(b) of
following that sends an item to a
the Federal Reserve Act (12 U.S.C.
Reserve Bank: a depository institution, a
461(b)).
(c) “Bank draft” means a check drawn clearing institution, another Reserve
Bank, an international organization, a
by one bank on another bank.
(d) “Banking day” means a day during foreign correspondent, or a branch or
agency of a foreign bank maintaining
which a bank is open to the public for
reserves under section 7 of the
carrying on substantially all of its
banking functions, and, with respect to a
1For purposes of this subpart, the Virgin Islands
nonbank payor, means a business day.
an d Puerto Rico are deem ed to be in the Second
(e) “Cash item” means:
District, and Guam and A m erican Sam oa in the
(lj A check other than one classified
Twelfth District.
2The Board publishes a "M em orandum on
as a noncash item under this section; or
the b a k s that
(2) Any other item payable on demand Exchange Charges," listingon cashnitems a nw ould
impose exchange charges
d o ther
and collectible at par that the Reserve
checks forw arded by Reserve Banka a n d therefore
would not pay at par.
Bank of the District in which the item is

paying banks, nonbank payors and other
organizations involved in the Federal Reserve
collection process. Thus, the UCC and
Regulation J are closely intertwined. Section
4-103(3) of the UCC gives contractual effect
to the provisions of Regulation ) and Reserve
Bank operating circulars. Similarly,
Regulation ] contains provisions
incorporating applicable State law, which in
all States is the UCC. One of the central
purposes of these bodies of law is to develop
a uniform set of rules that institutions can
rely upon with some degree of certainty as
they exchange and collect commercial
instruments, and the Board does not feel it
can inject into this structure distinctions
based upon the size of an entity. In addition,
the amended rule will not impose additional
reporting, recordkeeping, or other compliance
burdens on such small businesses, and
consequently the Board need not consider
alternatives to the rule that would minimize
its impact on small businesses. Where
possible, the Federal Reserve intends to
reduce operational burdens on all sizes of
institutions. For example, if the amendment
regarding wire advice of nonpayment is
adopted by the Board, the Reserve Banks
intend to modify their operationing circulars
to raise the minimum amount of a cash item
for which advice is required in order to
reduce the number of items to which the
proposed amendment will apply. Finally, no
other Federal regulations duplicate, overlap,
or conflict with the proposed amended
Regulation J.

Federal Register / Vol. 46, No. 84 / Friday, May 1, 1981 / Proposed Rules
International Banking Act of 1978. (12
U.S.C. 347d and 3105).
(1) “Depository institution” means a
depository institution as defined in
section 19(b) of the Federal Reserve Act.
(12 U.S.C. 461(b))
(2) “Clearing institution” means:
(i) An institution that is not a
depository institution, but maintains
with a Reserve Bank the balance
referred to in the first paragraph of
section 13 of the Federal Reserve Act (12
U.S.C. 342): or
(ii) A corporation that maintains an
account with a Reserve Bank in
conformity with § 211.4 of this Chapter
(Regulation K).
(3) “International Organization”
means an international organization for
which a Reserve Bank is empowered to
act as depositary or fiscal agent and
maintains an account.
(4) “Foreign correspondent” means
any of the following for which a Reserve
Bank maintains an account: a foreign
bank or banker, a foreign state as
defined in section 25(b) of the Federal
Reserve Act (12 U.S.C. 632), or a foreign
correspondent or agency referred to in
section 14(e) of that Act (12 U.S.C. 358).
(m) “State” means a State of the
United States, the District of Columbia,
Puerto Rico, or a territory, a possession,
or dependency of the United States.
2.
In § 210.9, new paragraph (b) is
added and paragraphs (c) through (f) are
redesignated and revised as follows:
§ 210.9 P ay m en t
*

*

*

4

*

(b) Noncash Items-Securities—A
paying bank or nonbank payor becomes
accountable for'the amount of a
security, received directly or indirectly
from a Reserve Bank, at die close of the
paying bank’s or nonbank payor’s
banking day next following either the
day of maturity or the banking day on
which it received the security,
whichever is later, if it retains the
security after the close of that banking
day, unless, prior to that time, it pays for
the security by:
(1) Debit to an account on the Reserve
Bauik’s books;
(2) Cash; or
(3) In the discretion of the Reserve
Bank, any other form of payment.
The proceeds of any payment shall be
available to the Reserve Bank by the
close of the Reserve Bank’s banking day.
If the day for payment is not a banking
day for the Reserve Bank, payment shall
be made on the next day that is a
banking day for both the Reserve Bank
and the paying bank or nonbank payor.
(c) Other noncash items. A Reserve
Bank may require the paying or

collecting bank to which it has
presented or sent a noncash item, other
than a security, to pay for the item in
cash, but the Reserve Bank may permit
payment by a debit to an account on the
Reserve Bank's books or by any of the
following that is in a form acceptable to
the Reserve Bank: bank draft, transfer of
funds or bank credit, or any other form
of payment authorized by State law.
(d) Nonbank payor. A Reserve Bank
may require a nonbank payor to which it
has presented an item, other than a
security, to pay for it in cash, but the
Reserve Bank may permit payment in
any of the following that is in a form
acceptable to the Reserve Bank:
cashier’s check, certified check or other
bank draft or obligation.
(e) Handling o fpayment. A Reserve
Bank may handle a bank draft or other
form of payment it receives in payment
of a cash item as a cash item. A Reserve
Bank may handle a bank draft or other
form of payment it receives in payment
of a noncash item as either a cash item
or a noncash item.
(f) Liability o f Reserve Bank. A
Reserve Bank shall not be liable for the
failure of a collecting bank, paying bank,
or nonbank payor to pay for an item, or
for any loss resulting from the Reserve
Bank's acceptance of any form of
payment other than cash authorized in
paragraphs (a), (b), (c), and (d) of this
section. A Reserve Bank that acts in
good faith and exercises ordinary care
shall not be liable for the nonpayment
of, or failure to realize upon, a bank
draft or other form of payment that it
accepts under paragraphs (a), (b), (c),
and (d).
3. Section 210.12 is revised to read as
follows:
§ 210.12 R eturn of Items.

(a) Recovery o fpayment for cash
items. A paying bank that receives a
cash item directly or indirectly from a
Reserve Bank, other than for immediate
payment over the counter, and that pays
for the item as provided in § 210.9(a) of
this subpart, may recover the payment
if, before it has finally paid the item, it:
(1) Returns the item before midnight of
its next banking day following the
banking day of receipt; or
(2) Takes any other action to recover
the payment within the times and by the
means provided by State law.
(b) Return o f securities. A paying
bank or nonbank payor that receives a
security directly or indirectly from a
Reserve Bank may return the security,
and recover any payment it has made
for the item, if it returns the item before
the close of the paying bank’s or
nonbank payor's banking day next
following either the day of maturity or

24579

the banking day on which it received the
security, whichever is later.
(c) Time for return. The rules or
practices of a clearinghouse through
which the item was presented, or a
special collection agreement under
which the item was presented, may not
extend the return times in paragraphs
(a) and (b), but may provide for a
shorter return time.
(d) A paying bank's or nonbank
payor's warranties and agreement. A
paying bank or nonbank payor that
obtains a credit or refund for the amount
of a payment it has made for a cash item
or that returns a security:
(1) Warrants to the Reserve Bank, a
subsequent collecting bank, and the
sender and all prior parties, that it took
all action necessary to entitle it to
recover its payment or to return the
security within the time limits of: (i) This
subpart; (ii) for a cash item, State law,
unless a longer time is afforded by this
subpart; (iii) the rules or practices of any
clearinghouse through which the item
was presented; and (iv) any special
collection agreement under which the
item was presented;
(2) Warrants to the Reserve Bank, a
subsequent collecting bank, and the
sender and all prior parties, that it gave
timely any wire advice of nonpayment
required by the Reserve Bank’s
operating circular; and
(3) Agrees to indemnify the Reserve
Bank, a subsequent collecting bank, and
the sender and all prior parties, for any
loss or expense sustained (including
attorneys’ fees and expenses of
litigation) resulting from any breach of
the warranty in § 210.12(d) (1) or (2).
A Reserve Bank shall not have any
responsibility for determining whether
the action taken by a paying bank or
nonbank payor to return an item was
timely, or whether wire advice of
nonpayment was given by a paying
bank.
By order of the Board of Governors, April
24,1961.
James McAfee,
Assistant Secretary of the Board.
(FR Doc. 81-13255 Filed 4-3 0 4 1 : 8:45 u n ]
MLLMO CODE M W -01-M


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102