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federal Reserve bank of DALLAS, TEXAS Dallas 75222 Circular No. 70-19 January 26, 1970 REGULATION Q To All Member Banks in the Eleventh Federal Reserve District: There is quoted below the text of a press release issued January 23, 1970, by the Board of Governors of the Federal Reserve System, relating to possible retroactive payments on passbook savings at commercial banks. The Board of Governors of the Federal Reserve System said today that for accounting convenience, member commercial banks which increase their interest rate on passbook savings may, if they desire, compute interest at the new rate from January 1, 1970, on savings deposits held on January 20, the date the Board announced a new structure of maximum interest rates payable on deposits. The Board approved a maximum interest rate on passbook savings, effective January 21, of ^.50 per cent, compared with the previous maximum of ^ per cent. Per mission for member banks to compute interest on passbook savings at the new rate beginning January 1 was granted to avoid additional complexities in making interest com putation. Yours very truly, P. E. Coldwell President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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