Full text of District Notices (Federal Reserve Bank of Dallas) : Real Estate Credit, Amendment to Regulation X

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F ed er al Reserve Ba n k
OF DALLAS

D allas, T exas, A p r il 3, 1951

R E A L E S T A T E C R E D IT
A M E N D M E N T TO R E G U L A T IO N X

To All Persons Engaged in the Business of Extending Real Estate Credit
in the Eleventh Federal Reserve District:

T h ere is qu oted b elow a statem en t issued b y th e B oard o f
G ov ern ors o f th e F ed era l R eserve S y stem rela tin g to an am en d ­
m en t to R egu la tion X (a s am ended F e b ru a ry 15, 1 9 5 1 ).
“ A m en d m en t N o. 3 to R egu la tion X , ‘R eal E sta te
C red it,’ h as been announced b y th e B oard o f G overn ors
o f th e F ederal R eserv e S ystem , to b ecom e effectiv e A p ril
4, 1951.
“ T h e A m en d m en t is f o r th e p u rp ose o f ex em p tin g
state and local gov ern m en ts fr o m th e term s o f R egu la ­
tion X w here an exten sion o f cred it is con tem plated on a
b a sis w h ich does n ot co n fo rm to th e R egu la tion in co n ­
n ection w ith th e con stru ction o f n on residen tial fa cilities.
A c c o r d in g to th e B oa rd ’s in form a tion , such cred it ex ten ­
sion s are un com m on , and th e A m en d m en t w as adopted
to elim inate th e p ossib ility th a t th e R egu la tion m ig h t
im ped e th e con stru ction o f needed n on residential fa c ili­
tie s.”
T h e te x t o f the A m en d m en t is set fo r t h on th e re v erse side
o f th is letter. T h is ban k and its b ra n ch es a t E l Paso, H ouston ,
and San A n to n io w ill be glad t o fu rn ish any in form a tion w h ich
m ay be desired con cern in g th e R egu lation .

Y ou rs v e r y tru ly,
R . R . G IL B E R T
P resid en t

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

R E A L E S T A T E C R E D IT

A M E N D M E N T N O. 3 TO R E G U L A T IO N X

Issued b y th e B oard o f G overn ors
o f th e F ed era l R eserv e S ystem

R egu la tion X is h e r e b y a m e n d e d in th e fo llo w in g resp ects
e ffe ctiv e A p r il 4, 1951: 1
1.
In su b section ( g ) o f S ection 6, ch a n ge th e title to
“ S t a t e a n d M u n ic ip a l P r o g r a m s ,” a n d a d d a t t h e en d
th e re o f th e fo llo w in g n ew s e n te n c e : “ N o th in g in th is re g u ­
lation shall app ly to exten sion s o f cr e d it b y a n y state or
p olitica l su bd ivision o f a sta te or a gen cies o f eith er w ith
resp ect to a n y n on resid en tial p ro p e rty .”