Full text of District Notices (Federal Reserve Bank of Dallas) : Reports of Borrowings of Executive Officers of Member Banks

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FE D E R A L R ESE R V E BAN K
OF DALLAS

Dallas, Texas, February 21, 1936

REPORTS OF BORROWINGS OF EXECUTIVE OFFICERS
OF MEMBER BANKS

To the Member Bank Addressed:

For the information and guidance of your executive officers, there is
quoted below a ruling issued on February 6, 1936, by the Board of Gov­
ernors of the Federal Reserve System, relative to the provisions of Section
22(g) of the Federal Reserve Act:
“Reports of indebtedness required by Section 2 2 (g ), prior to
amendment thereto contained in the Banking Act of 1935, were to
be made to the chairman of the board of directors, while under the
provisions of that section as amended such reports are to be made
to the board of directors. Accordingly, under provisions of Section
5 of Regulation O, an executive officer of a member bank indebted
to other banks on January 1, 1936, effective date of Regulation 0 ,
is required to report such indebtedness to the board of directors
of the member bank of which he is an executive officer, regardless
of whether such indebtedness has been reported to the chairman
of the board of directors. Footnote 2 under Section 5 of Regulation
O merely relates to renewals or extensions of an indebtedness
which has been reported to the board of directors.”

Yours very truly,

Federal Reserve Agent

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