Full text of District Notices (Federal Reserve Bank of Dallas) : [Regulation J, Amendment]

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FEDERAL RESERVE BANK OF DALLAS
DALLAS, TEXAS

October 5, 1962

To All Banks in the
Eleventh Federal Reserve District:

Enclosed is an amendment to section 210.2(a) of Regulation
J adopted by the Board of Governors of the Federal Reserve
System effective September 27, 1962. The amendment substitutes
the language “nonmember banks” for “nonmember State banks”
at two places in section 210.2(a).
This amendment brings into conformity section 210.2 (a) of
the Regulation with the language appearing in the first para­
graph of section 13 of the Federal Reserve Act and of section
210.1 of Regulation J.
Member banks are requested to insert this amendment in the
ring binder containing the regulations of the Board of Governors
and the bulletins of this bank. Nonmember banks are requested to
place it in the red ring binder containing emergency bulletins of
the Federal Reserve Bank of Dallas.
Yours very truly,
Watrous H. Irons
President

Enclosure

This publication was digitized and made available bj the Federal Reserve B ank o f Dallas' Historical Library (FedH.istoy@dal.frb.org).
publication
by
Bank of
Historical Library (FedHistory@dal.frb.org)

CHECK CLEARING AND COLLECTION

AMENDMENT TO REGULATION J

ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Effective September 27, 1962, section 210.2(a) is amended to read
as follows:
SECTION 210.2 — GENERAL REQUIREMENTS
(a) In pursuance of the authority vested in it under these provisions
of law, the Board of Governors of the Federal Reserve System, desiring to
afford both to the public and to the various banks of the country a direct,
expeditious, and economical system of check collection and settlement of
balances, has arranged to have each Federal Reserve bank exercise the
functions of a clearing house and collect checks for such of its member
banks as desire to avail themselves of its privileges and for such non­
member banks and trust companies as may maintain with the Federal
Reserve bank balances sufficient to qualify them under the provisions of
section 13 to send items to Federal Reserve banks for purposes of
exchange or of collection. Such nonmember banks and trust companies
will hereinafter be referred to as nonmember clearing banks.