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F ederal Reserve

bank

DALLAS, TEXAS

of

D allas

75222
C irc u la r No. 75-134
September 9, 1975

American Revolution Bicentennial

REVISED PROPOSED REGULATIONS TO
IMPLEMENT REGULATION B
Equal C red it O pportunity Act

TO ALL BANKS, OTHER CREDITORS,
AND OTHERS CONCERNED IN THE
ELEVENTH FEDERAL RESERVE D IS TR IC T:
On September 5, 1975, the Board of Governors of the Federal
Reserve System issued for comment revised proposed regulations to im­
plement the Equal C re d it O pportunity A ct, which forbids discrim ination
by creditors on the basis of sex or marital status.
Comment on the proposed regulation w ill be received through
September 26. T h e Board anticipates that it may make fu rth e r revisions
in the regulation in the light of the additional comment that is anticipated
and in the light of subsequent experience in adm inistering the regulation.
The press release and revised d ra ft of Regulation B are printed
on the reverse of this c irc u la r and the following pages.
Interested persons are invited to submit relevant data, view s,
or arguments concerning this proposal in w ritin g to the S e c re ta ry , Board
of Governors of the Federal Reserve System, Washington, D . C . 20551, to
be received not later than September 26, 1975.
S incerely you rs,
T . W. Plant
F irst Vice President

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

;
GOVr

FEDERAL
press

RESERVE

release

For use in morning papers
Monday, September 8, 1975

September 5, 1975

The Board of Governors of the Federal Reserve System today
issued for comment revised proposed regulations to implement the Equal
Credit Opportunity Act, which forbids discrimination by creditors on
the basis of sex or marital status.
Comment on the proposed regulation will be received through
September 26.

The Board anticipates that it may make further revisions

in the regulation in the light of the additional comment that is
anticipated and in light of subsequent experience in administering the
regulation*
The ECQA goes into effect October 28.

It makes the Federal

Reserve responsible for writing implementing regulations.

Compliance

will be the responsibility of the Federal Trade Commission, the Federal
Reserve Board, the Federal Deposit Insurance Corporation, the Comptroller
of the Currency and nine other Federal agencies.

The Act covers all

who regularly extend credit to individuals, including banks, finance
companies, department stores, credit card issuers and government
agencies such as the Small Business Administration.
The Board first published proposed implementing rules— to be
called Regulation B--under the new Act on April 23, 1975, and held
hearings on May 28 and 29.

The revised proposals issued today reflect

Board review of comment received thus far.
The text of the revised draft Regulation B is attached.
changes from the proposals published previously include:

Principal

Retention of rccords

(Scction 202.9)

* ■ Creditors are
•

required to keep records of a credit application for 12 months after
final action on the application (in place of the previous two years).
This parallels the limitation in the Act given to credit applicants
who claim a violation of the Act.
Keeping accounts in the name of both spouses -- (Section 202.6)-For accounts established after November 1, 1976, a creditor who furnishes
information about an account to a consumer reporting agency or others
shall furnish the information in the names of both spouses when both are
to use the account.

For prior accounts, account holders may request that

the account be kept in the names of those contractually responsible for it.
Under the previous proposal the creditor would have been
required to maintain records of all accounts, whenever established, in
the name of both husband and wife.
Use of courtesy titles -- (Section 202.4) -- The revised pro­
posal does not, as previously, forbid the use by creditors of courtesy
titles in addressing applicants (such as Mr., Mrs., Ms., Miss), but pro­
vides that the creditor must tell the applicant that the use of courtesy
titles is optional.
Information as to childbearing intentions and continued ability
to pay -- (Section 202.5) -- The new draft continues to forbid that
creditors demand information about childbearing capability or birth con­
trol practices, but permits the creditor to request information concerning
the probable continuity of an applicant's ability to repay.

Notice of right to equal credit opportunity -- (Section 202.4)
The new draft regulation adds the requirement that such a notice be in­
cluded on any written application form used.
The draft regulation also, among a number of other changes:
(Section 202.5) —

Requires notification of an applicant of

action upon the application, rather than requiring a statement of reasons
for denial.
(Section 202.3) —

Revises the definition of discrimination to

mean the treatment of one applicant less favorably than others.

FEDERAL RESERVE SYSTEM
Board of Governors of the Federal Reserve System
[1 . C.F.R. Part 202]
2
CONSUMER CREDIT PROTECTION ACT
Equal Credit Opportunity Act;
Supplemental Notice of Proposed Rulemaking

In the April 25, 1975 issue of the Federal Register
(40 FR 18183), the Board published a proposed rule which would
prohibit discrimination on the basis of sex or marital status
with respect to any aspect of a credit transaction.

Numerous

comments were received and public hearings were held on May 28
and 29, 1975.

In response to the comments received in writing

and those presented at the hearings, the Board has revised the
proposed rule.

Pursuant to the authority of Section 703 of the

Equal Credit Opportunity Act (Pub. L. 93-495) which amends the
Consumer Credit Protection Act (15 U.S.C. § 1601 et

seq.) the

Board hereby publishes the revised proposed Part 202 (Regulation B)
for comment as follows:

- 2 -

INDEX TO SECTIONS

SECTION 202.1

AUTHORITY, SCOPE AND PURPOSE

SECTION 202.2

GENERAL RULE

SECTION 202.3

DEFINITIONS

SECTION 202.4

APPLICATIONS

SECTION 202.5

EVALUATION OF APPLICATIONS

SECTION 202.6

FURNISHING OF CREDIT INFORMATION

SECTION 202.7

REQUEST FOR SIGNATURE OF SPOUSE OR OTHER PERSON

SECTION 202.8

SEPARATE ACCOUNTS:

SECTION 202.9

PRESERVATION OF RECORDS

SECTION 202.10

EXCEPTIONS

SECTION 202.11

ADMINISTRATIVE ENFORCEMENT

SECTION 202.12

PENALTIES AND LIABILITIES

SECTION 202.13

TRANSITION PERIODS

RELATION TO STATE LAW

- 3 -

SECTION 2 0 2 . 1

AUTHORITY, SCOPE AND PURPOSE

(a)Authority, scope and purpose.

(1)

This Part comprises

the

regulations issued by the Board of Governors of the Federal Reserve
System pursuant to the Equal Credit Opportunity Act (Pub. L. 93-495;
88 Stat. 1521 et seq.)

This Part applies to all persons who

regularly extend, offer to extend, arrange for or offer to arrange
for the extension of credit for any purpose whatsoever and in any
amount.
(2)

This Part implements the Act, the purpose of which

is to

require that financial institutions and others engaged in the extension
of credit shall make that credit equally available to all creditworthy
persons without regard to sex or marital status.

SECTION 202.2

GENERAL RULE

A creditor shall not discriminate against any applicant, on the
basis of sex or marital status with respect to any aspect of a credit
transaction.

SECTION 202.3

DEFINITIONS

For purposes of this Part, unless the context indicates otherwise,
the following definitions apply:
(a)

"Act" means the Equal Credit Opportunity Act (Pub. L. 93-495;

88 Stat. 1521 et seq. .
)

-

4

-

(b)

"Account" means an extension of credit.

(c)

"Applicant" means any person who applies to a creditor

directly for an extension of credit, or who applies to a creditor
indirectly by using an existing credit plan to obtain an amount
exceeding a previously established credit limit.

With respect

to any creditor the term also includes any person to whom credit
is or has been extended by that creditor.
(d)

"Application" means an oral or written request by an

applicant for an extension of credit which is made in accordance
with procedures established by a creditor for the type of credit
requested.

The term does not include the use of a credit card to

obtain an amount of credit not exceeding a previously established
credit limit.
(e)

"Application form" means a document, furnished by a

creditor to be completed by an applicant, which requests information
from the applicant to be used in evaluating creditworthiness.

The

term does not include a document filled out by a creditor which an
applicant signs.
(f)

"Arrange for the extension of credit" means to provide or

offer to provide credit which is or will be extended by another
person under a business or other relationship pursuant to which
the person arranging such credit participates in the decision to
extend credit to an applicant.

The term does not include participation

in a credit transaction which is limited to honoring a credit card.

- 5 -

(g)

"Consumer credit" means credit offered or extended to an

individual in which the property or service which is the subject of
the transaction is primarily for personal, family or household purposes.
(h)

"Contractually liable1 means expressly obligated to repay
1

a debt by reason of having signed an agreement to that effect.
(i)

"Credit" means the right granted by a creditor to an

applicant to defer payment of a debt, or to incur debt and defer its
payment or to purchase property or services and defer payment therefor.
(j)

"Credit card" means anytcard, plate, coupon book or other

single credit device existing for the purpose of being used from time
to time upon presentation to obtain property or services on credit.
(k)

"Creditor" means any person who regularly extends credit

or arranges for the extension of credit.

The term includes assignees,

transferees or subrogees of an original creditor who participate in
the decision to extend credit, but does not include a person whose
only participation in a credit transaction is to honor a credit card.
(1)

"Credit transaction" means every aspect of an applicant's

dealings with a creditor including, but not limited to, solicitation
of prospective applicants by advertising or other means; information
requirements; investigatory procedures; standards of creditworthiness;
terms of credit; furnishing of credit information and collection
procedures.
(m)

"Discriminate against" means to treat an applicant or

prospective applicant less favorably than others.

-6-

(n)

"Extension of credit" means the granting of credit in any

form and includes, but is not limited to, credit granted in addition
to any existing credit or credit limit; credit granted in the form
of a credit card, whether or not the card has been used; the re­
financing of any credit; the consolidation of two or more obligations
the issuance of a new credit card in place of an expiring credit card
or in substitution for an existing credit card; the continuing in
force of a previously issued credit card; or the continuance of
existing credit without any special effort to collect at or after
maturity.
(o)

"Marital status" means the state of being unmarried,

married, or separated, as defined by applicable State law.

For pur­

poses of this Part, the term "unmarried" includes a person who is
divorced or widowed.
(P)

"Open end credit" means credit extended pursuant to a plan

under which the creditor may permit the applicant to make purchases
or obtain loans, from time to time, directly from the creditor or
indirectly by use of a credit card, check or other device, as the
plan may provide.
under

The term does not include negotiated advances

an open end real estate mortgage or a letter of credit.
(q)

"Person" means a natural person, a corporation, government

or governmental subdivision or agency, trust, estate, partnership,
cooperative or association.

-7(r)

"State" means any State, the District of Columbia, the

Commonwealth of Puerto Rico, or any territory or possession of the
United States.

202.4 APPLICATIONS
(a)

General.

A creditor may request any information in an

application not prohibited by the Act or this Part.
(b)

Discouraging applications.

A creditor shall not make any

statements to applicants or prospective applicants which would dis­
courage a reasonable person from applying for credit or pursuing an
application for credit on the basis of sex or marital status.
(c)

Application forms.

Where application forms are used by a

creditor, such forms shall:
(1)

ask whether the account which the applicant is re­

questing is one which the applicant's spouse may use or for which
the applicant's spouse will be contractually liable ("use" of an
account throughout this Part refers only to open end accounts);
(2)

ask the spouse's name and address, if the applicant

indicates that a spouse may use the account or will be contractually
liable for it;
(3)

if the application form asks the applicant's marital

status, use only the terms "married," "unmarried" or "separated."
However, an inquiry as to the payment of alimony, child support or
maintenance or reliance upon the receipt of such payments is not
prohibited by this section;

(4)

where an applicant is requested to designate a title

(such as Mr., Mrs., Ms. or Miss), state prominently that the desig­
nation of such title is optional;
(5)

have printed upon them in a type size no smaller than

that used throughout most of the application form the following
statement:
The Federal Equal Credit Opportunity Act requires that
all creditors, including banks, savings and loan associations, small
loan companies, retail stores and others, make credit equally avail­
able to all creditworthy customers without regard to sex or marital
status. The federal agency which administers compliance with this
law concerning this (bank, store, etc.) is (name and address of the
appropriate agency).
(d)

Oral applications.

(1) Where a creditor does not use

application forms, the creditor shall:
(i)

fulfill

the requirements of Section 202.4(c)

(1), (2), (3) and (4) orally or in writing;
(ii) fulfill the requirements of Section 202.4(c)(5)
in writing, except that where application is made by telephone,
compliance with this subsection may be accomplished orally or in
writing.
(2)

Where oral application is made for an amount of credi

to exceed an existing limit on an applicant's open end account, the
requirements of Section 202.4(c) do not apply.
(e)

Designation of name. A creditor shall not prohibit an

applicant from using any particular name on the basis of the appli­
cant's sex or marital status.

SECTION 2 0 2 . 5 EVALUATION OF APPLICATIONS

(a)

General. A creditor may consider any information not pro­

hibited by the Act or this Part and may deny the credit requested if
an applicant is unable or unwilling to provide the information
necessary to an evaluation of creditworthiness.

-1 0 -

(b)

Information about a spouse.
(1)

A creditor may request and consider any information

concerning the spouse of a married or separated applicant which may
be considered about the applicant when the application indicates
that the spouse may use the account or is contractually liable upon
the account.
(2)

A creditor may request only the name and address of

the spouse of a married or separated applicant when the application
indicates that the spouse will not use the account and is not con­
tractually liable upon the account.

However, a creditor may consider

information about the payor of alimony, child support or maintenance
where an application indicates reliance upon such payments as a
basis for creditworthiness.
(c)

Alimony, child support and maintenance obligations.

A creditor may ask and consider whether and to what extent an appli­
cant is obligated to make alimony, child support or maintenance
payments.
(d)

Alimony, child support and maintenance income.
(1)

A creditor may ask whether all or a part of the in­

come upon which an applicant is relying as a basis for the credit
requested is derived from alimony, child support or maintenance
payments.

-1 1 -

(2)

Where an application indicates reliance on alimony,

child support or maintenance payments, a creditor shall consider
such payments as income to the extent that such payments are likely
to be consistently made.

Factors which a creditor may consider in

determining the likelihood of consistent payments incluae, but are
not limited to, whether the payments are received pursuant to a
written agreement or court decree; the length of time the payments
have been received; the regularity of receipt; the availability of
procedures to compel payment; and the credit history of the payor,
where available to the creditor under the Fair Credit Reporting
Act or other applicable laws.
(e)

Discounting income. A creditor shall not discount the

income (including part-time income) of an applicant or an appli­
cant's spouse on the basis of sex or marital status.
(f)

Credit scoring.

A creditor shall not assign a value to

sex or marital status in a credit scoring system or other method
of evaluating applications.
(g)

Telephone listing in applicant's name.

A creditor shall not

assign a value to the existence of a telephone listing in the name of
an applicant in a credit scoring system or other method of evaluating
applications.

A creditor may consider the existence of a telephone

in the applicant's home.

-12-

(h)

Childbearing: continued ability to pay. A creditor shall not

request information about birth control practices or childbearing
capability.

However, a creditor may request and consider information

concerning the probable continuity of an applicant's ability to repay.
(i)

Change of name or marital status.

In the case of an existing

open end account, a creditor shall not take any of the followingactions
solely on the basis of a change of name or marital status in the
absence of evidence of inability to repay;
(1)
(2)

terminate the account; or

(3)
(j)

require areapplication;

require achange in the terms ofthe

account.

Credit history. Where an applicant's credit history would

be considered by the creditor in evaluating an applicant of similar
qualifications for a similar type and amount of credit, a creditor
shall:
(1)

consider the credit history of accounts designated

as

accounts which may be used by both spouses or for which both are
contractually liable, and accounts reported in the applicant(s) name
or names as listed in the application, whether such information is
obtained from consumer reporting agencies or others; and
(2)

consider the credit history,whenavailable, of any

account established prior to November 1, 1976, which an applicant can
demonstrate reflects accurately his/her willingness or ability to repay.

-la­
ck)

Delay in evaluating applications.

A creditor shall not fail

to act upon, or unreasonably delay a decision upon an application in
whole or in part on the basis of sex or marital status.

In the event

a creditor is unable to obtain adequate credit information, a request
by the creditor for additional information does not constitute un­
reasonable delay under this section.
(1)Use and retention of prohibited information. A

creditor

may not use any information prohibited by the Act or this Part in
evaluating applications.

However, where such information was obtained

prior to November 1, 1976, retention of such information in the
creditor's files does not violate
(m)

State property laws.

the Act or this Part.
Consideration or

application of

State

property laws directly or indirectly affecting creditworthiness shall
not constitute discrimination for purposes of this Part.
(n)

Notification of action taken.

A creditor shall within a

reasonable time notify the applicant of action taken upon the application.
Where such notification is in writing it shall have printed upon it
in a type size no smaller than that used throughout most of the notice
the statement contained in Section 202.4(c)(5) of this part.
SECTION 202.6 FURNISHING OF CREDIT INFORMATION
(a)
when

Accounts established after November 1, 1976.

A creditor,

furnishing information to consumer reporting agencies or others

concerning any account established after November 1, 1976, which the
application indicates may be used

by both spouses or upon which both

spouses are contractually liable,

shall designate the account to

reflect

the fact of participation of both spouses and shall report the designation
and furnish all information concerning the account in the names of both
spouses.

-14-

(b)

Accounts established prior to November 1, 1976.
(1)

Unless already following the procedures specified in

subsection (a) as to all existing accounts established prior to
November 1, 1976, a creditor shall mail to all spouses or, at the
option of the creditor, to all individuals who are contractually
liable on such accounts the notice set out below, accompanied by a
return envelope addressed to the creditor.

Such notice may be mailed

with a billing statement and all such notices shall be mailed by
November 1, 1976, or within 60 days after an account is established,
whichever is later, and shall provide as follows:

-15-

CREDIT HISTORY FOR MARRIED PERSONS

The Federal Equal Credit Opportunity Act forbids all creditors
from discriminating on the basis of sex or marital status in any aspect
of a credit transaction.

The Act gives every married person the right

to have information concerning all the credit accounts held or used
jointly with a spouse reported to credit bureaus and creditors in the
names of both the wife and husband.

Accounts of married persons opened

before November 1976--even those opened in the names of both spouses-are customarily reported in only the husband's name.

This is generally

true regardless of who has been paying the bills or whose income was
used to obtain the account.

As a result, most married women do not

have a credit history in their own names, although their husbands do.
If a woman ever needs to obtain credit on her own, for example, when
divorced or widowed, a credit history is usually necessary.
If you would like to have the credit information concerning
your account with us reported in both your name and the name of your
spouse, please check the box, fill out and sign the statement below
and return it to us in the enclosed envelope.

/ / When you furnish credit information on this account, please report
all information concerning it in both our names.

We would like our

names written as follows:

Signature of either husband or wife

-16-

(2)

A creditor, when furnishing information to consumer re­

porting agencies or others concerning any account established prior to
November 1, 1976, shall designate the account to reflect the fact of
participation of both spouses and shall report the designation and
furnish all information concerning the account in the names of both
spouses beginning no later than 90 days after receipt of a request to
do so.
SECTION 202.7 REQUEST FOR SIGNATURE OF SPOUSE OR OTHER PERSON
(a)

General.

Except as otherwise provided herein, a creditor

may require the signature of a spouse or other person on a credit
instrument if such a requirement is imposed on all similarly qualified
applicants who apply for a similar type and amount of credit without
regard to sex or marital status.
(b)

Unsecured credit in community property states. Where a married

applicant applies for unsecured credit in a community property State,
a creditor may request or require the signature of a non-applicant spouse
if:
(i)

the applicable State law denies the applicant power

to manage or control sufficient community property to qualify for
the amount of credit requested under the creditor's standards of
creditworthiness; and
(ii) the applicant does not have sufficient separate property
to qualify for the amount of credit requested without regard to any
community property.

-17-

(c)

Signatures on certain instruments.

Where a married applicant

applies for secured credit, the creditor may require the signature of
the applicant's spouse on such instruments as are necessary, or are
reasonably believed by the creditor to be necessary, to create a valid
lien, pass clear title, waive inchoate rights to property or assign
earnings under the applicable statutory or decisional law of a State.

SECTION 202.8 SEPARATE ACCOUNTS:

(a)

RELATION TO STATE LAW

Separate extension of consumer credit.

Any provision of

State law which prohibits the separate extension of consumer credit to
each spouse shall not apply in any case where each spouse voluntarily
applies for separate credit from the same creditor.

In any case where

such a State law is pre-empted, each spouse shall be solely responsible
for the debt so contracted.

In a community property State, the creditor

may enforce an obligation of one spouse alone under this section as
separate post-nuptial debts are enforced under applicable State law.
(b)

Finance charges and loan ceilings.

When each spouse separately

and voluntarily applies for and obtains a separate account with the same
creditor, the accounts shall not be aggregated or otherwise combined for
purposes of determining permissible finance charges or permissible loan
ceilings under the laws of any State or of the United States.

Permissible

loan ceilings under the laws of any State or of the United States shall
be construed to permit each spouse to be separately and individually
liable up to the amount of the loan ceiling less the amount for which

- 18 -

both spouses are jointly liable.

For example, in a State with a per­

missible loan ceiling of $1000, if a married couple were jointly liable
for $250, each spouse could subsequently become individually liable
for $750.

SECTION 202.9 PRESERVATION OF RECORDS
(a)

For a period ending twelve months after the date a creditor

takes final action on an application,

the creditor shall retain for

each applicant, in original form or a

copy

(1)

thereof:

any application form and all other written information

used in evaluating creditworthiness;
(2)

any statement submitted by the applicant alleging

crimination prohibited by the Act and
(b)

this

dis­

Part.

Any creditor who has actual notice that it is under investi­

gation for violation of this Part by an enforcement agency charged with
monitoring compliance with this Act, or who has been served with notice
of an action filed pursuant to Section 202.12 of this Part shall retain
such information until final disposition of the matter or such earlier
time as may be ordered by the agency or court.

SECTION 202.10 EXCEPTIONS
(a)

Business or securities credit.

As to all credit transactions

involving other than consumer credit, and as to all credit transactions
that are subject to regulation under Sections 7 and/or 11 of the
Securities Exchange Act of 1934, a creditor shall only be required to

- 19 -

comply with Sections 202.1, 2, 3, 4(b), 5 (k), 10, 11, 12 and 13.

(b)

Good faith compliance.

It shall not be a violation of

Section 202.4 of this Part if the creditor shows by a preponderance
of the evidence that at the time of the alleged violation the creditor
maintained reasonable procedures to assure compliance with that section.

SECTION 202.11 ADMINISTRATIVE ENFORCEMENT

(a)

As set forth more fully in Section 704 of the Act, adminis­

trative enforcement of the Act and this Part with respect to certain
creditors is assigned to the Comptroller of the Currency, Board of
Governors of the Federal Reserve System, Board of Directors of the
Federal Deposit Insurance Corporation, Federal Home Loan Bank Board
acting directly or through the Federal Savings and Loan Insurance
Corporation, Administrator of the National Credit Union Administration,
Interstate Commerce Commission, Civil Aeronautics Board, Secretary of
Agriculture, Farm Credit Administration, Securities and Exchange
Commission and the Small Business Administration.
(b)

Except to the extent that administrative enforcement is

specifically committed to other authorities, Section 704 of the Act
assigns enforcement of the Act and this Part to the Federal Trade
Commission.

\

- 20 -

SECTION 2 0 2 . 1 2 PENALTIES AND L IA B IL IT IE S

(a)

Sections 706(a) through (e) of the Act provide for civil

liability for actual and punitive damages against any creditor who
fails to comply with the Act and this Part.

Section 706(b) places

a $10,000 limitation on the amount of punitive, damages an aggrieved
applicant may seek in an individual capacity and Section 706(c) limits
a creditor's class action liability for punitive damages to the lesser
of $ 100, 000 or 170 of the creditor's net worth at the time the action
is brought.

Section 706(d) provides that an aggrieved applicant may

seek equitable relief in the nature of a permanent or temporary in­
junction, restraining order, or other action.

Section 706(e) further

provides for the awarding of costs and reasonable attorney's fees to
an aggrieved applicant who brings a successful action under Sections 706(a)
through (d).
(b)

Section 706(f) relieves a creditor from civil liability re­

sulting from any act done or omitted in good frith in conformity with
any rule, regulation or interpretation by the Board of Governors of the
Federal Reserve System notwithstanding that after such act or omission
has occurred, such rule, regulation or interpretation is amended, re­
scinded or otherwise determined to be invalid for any reason.
(c)

Without regard to the amount in controversy, any action

under this title may be brought in any United States district court,

- 21 or in any other court of competent jurisdiction, within one year
from the date of the occurrence of the violation.

For purposes of

this Part the violation shall be deemed to occur when the applicant
receives notice of a denial.

SECTION 202.13 TRANSITION PERIODS

(a)

Except as otherwise specified below, the provisions of

this Part take effect on October 28, 1975.
(b)

Sections 202.5(a)-(i), (k) and (1) and 9 of this Part

take effect on January 31, 1976.
(c)

Section 202.4 of this Part takes effect on June 30, 1976.

(d)

Sections 202.5(j) and 6 of this Part take effect on

November 1, 1976.

Notice- and Comments.

Interested persons are invited to

submit relevant written data, views, and arguments concerning this
proposal.

Any such material should be submitted in writing to the

Secretary, Board of Governors of the Federal Reserve System,
Washington, D. C.
1975.

20551, to be received no later than September 26,

Such material will be made available for public inspection

and copying upon request, except as provided in § 261.6(a) of the
Board's Rules Regarding Availability of Information,

All views

previously expressed in written comments on the pending proposal
are under consideration by the Board and are available for in­
spection and copying in Room 1020 of the Board's building.
This notice is published pursuant to section 553(b) of
Title 5 United States Code, and section 262t2 (a) of the Rules of
Procedure of the Board of Governors of the Federal Reserve System
(12 C.F.R. 262.2(a)).
By order of the Board of Governors, September 5, 1975.

/s/ Theodore E. Allison
Theodore E. Allison
Secretary of the Board
[SEAL]