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FEDERAL RESERVE BANK OF DALLAS
DALLAS, TEXAS

75222

Circular No. 67-189
September 25, 1967

R U LES O F BOARD O F G OV ERN ORS AND
FED ER A L O P E N M A R K ET COM M ITTEE

T o All M em b er B an k s
in th e E lev en th F e d e ra l R eserve D istrict:

Attached are pamphlets containing Rules of Organization and Rules
of Procedure issued by the Board of Governors of the Federal Reserve
System as revised effective August 9, 1967, and Rules of Organization,
Rules Regarding Availability of Information, and Rules of Procedure
issued by the Federal Open M arket Committee effective July 4, 1967.
The pamphlets have been punched for insertion in the ring binder
containing the Regulations of the Board of Governors and the Bulletins
of this Bank.
Yours very truly,
W atrous H. Irons
President

Enclosures (2)

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

BOARD OF GOVERNORS
o f the
FEDERAL RESERVE SYSTEM

RULES OF ORGANIZATION
▼
RULES OF PROCEDURE
(12 CFR 262)

A* revised effective August 9, 1967

INQUIRIES W ITH RESPECT TO THESE RULES
Any inquiry relating to these rules should be addressed to the
Federal Reserve Bank o f the district in which the inquiry arises.

STATU TORY AU TH O RITY
These rules are issued pursuant to the provisions o f section
552, Title 5, United States Code, which is published in the
Appendix to the Board’s Rules Regarding Availability o f
Information.

CONTENTS
R U L E S O F O R G A N IZ A T IO N
Page
S ec. 1

B a sis

............................................................................................

1

S ec. 2

C o m p o s i t i o n a n d L o c a t io n .......................................................................
( a ) G o v e r n o r s , C h a ir m a n , V i c e C h a ir m a n ...........................
( b ) L o c a t io n a n d b u s i n e s s h o u r s ...................................................

1
1
1

S ec. 3

C e n t r a l O r g a n i z a t i o n ...............................................................................
( a ) O ffice o f t h e S e c r e t a r y ................................................................
( b ) L e g a l D i v i s i o n .................................................................................
( c ) D i v i s i o n o f R e s e a r c h a n d S t a t i s t i c s .............................
( d ) D i v i s i o n o f I n t e r n a t i o n a l F i n a n c e ......................................
( e ) D i v i s i o n o f B a n k O p e r a t i o n s ................................................
(/)
D i v i s i o n o f E x a m i n a t i o n s ........................................................
( g ) D i v i s i o n o f P e r s o n n e l A d m in i s t r a t i o n ............................
( h ) D i v i s i o n o f A d m i n i s t r a t i v e S e r v i c e s .................................
(i)
O ffice o f t h e C o n t r o l l e r ................................................................
( j ) Office o f D e f e n s e P l a n n i n g ......................................................
( k ) D i v i s i o n o f D a t a P r o c e s s i n g .............................................
(I) O t h e r p e r s o n n e l ...............................................................................

1
1
2
2
2
2
2
3
3
3
3
3
3

S ec. 4

F i e l d O r g a n i z a t i o n .......................................................................................
(а) F e d e r a l R e s e r v e B a n k s .............................................................
( б ) F e d e r a l R e s e r v e A g e n t s .............................................................

4
4
4

S ec. 5

D e l e g a t io n s o f A u t h o r i t y .....................................................................
A p p e n d i x ...............................................................................................................
M a p o f F e d e r a l R e s e r v e S y s t e m ..................................................

4
6
8

and

S c o pe

RULES OF PROCEDURE
...........................................................................................

9

R e g u l a t i o n s .....................................................................

9

(а) N o t i c e ........................................................................................................

9
9
9
10
10

S e c . 2 6 2 .1 — B a s i s

S c o pe

and

S e c . 2 6 2 .2 — P r o c e du r e

fo r

( б ) P u b l i c p a r t i c i p a t i o n ......................................................................
( c ) P r e p a r a t i o n o f d r a f t a n d a c t i o n b y B o a r d .....................
( d ) E f f e c t i v e d a t e s ...................................................................................
( e ) E x c e p t i o n s a s t o n o t ic e o r e f f e c t i v e d a t e ..........................
S e c . 2 6 2 .3 — A p p l i c a t i o n s

.....................................................................................................

10

( a ) F o r m ........................................................................................................ 10
( b ) P r o c e d u r e ............................................................................................ 11
( c ) C o m m e n t s b y s t a f f .......................................................................... 11
(d) N o t i c e o f g r a n t i n g o r d e n ia l .................................................... 11
( e ) A c t i o n a t B o a r d ’s i n i t i a t i v e ................................................... 11
( / ) B a n k h o l d i n g c o m p a n y a n d m e r g e r a p p l i c a t i o n s . . 11
S e c . 2 6 2 .4 — A d j u d i c a t i o n
S e c . 2 6 2 .5 — A p p e a r a n c e

w it h

F o r m a l H e a r i n g ...............................................

13

P r a c t ic e ......................................................................

13

S e c . 2 6 2 .6 — F o r m s .......................................................................................................................

13

and

RULES OF ORGANIZATION *
A s revised effective A ugu st 9, 1967

SE C T IO N 1— B A S IS A N D SCOPE

These Rules are issued by the Board of Governors o f the
Federal Reserve System (the “ Board” ) pursuant to the require­
ment of* section 552 o f Title 5 of the United States Code that
each agency shall publish in the Federal Register a description
of its central and field organization.
S E C T IO N 2— COM POSITION A N D LOCATION

( a ) Governors, Chairman, Vice Chairman.— The Board con­
sists o f seven members appointed by the President, by and with
the advice and consent o f the Senate, fo r fourteen-year terms.
The members o f the Board are required by law to devote their
entire time to the business o f the Board. One o f them is desig­
nated by the President as Chairman and one as Vice Chairman, to
serve as such for terms o f four years. A t meetings, the Chairman
presides or, in his absence, the Vice Chairman presides. In the
absence of the Chairman and Vice Chairman, the Board elects
a member to act as Chairman Pro Tempore. The Chairman o f
the Board, subject to its supervision, is its active executive
officer. The Board usually meets daily to consider matters relat­
ing to monetary and credit policies, regulatory and supervisory
duties with which it has been charged by the Congress, and
administrative and other questions arising in the conduct of
the work o f the Board.
(b) Location and business hours.— The principal offices o f
the Board are in the Federal Reserve Building, 20th Street and
Constitution Avenue, N.W., Washington, D. C. 20551. The
Board’s regular business hours are from 8:45 a.m. to 5:15 p.m.
each weekday except Saturday; but such business hours may be
changed from time to time.
S E C T IO N 3— C E N T R A L O R G A N IZA T IO N

The Board’s central organization consists o f the members of
the Board and the following Divisions and officials:
(a)
Office o f the Secretary is headed by the Board’s Secretary,
who acts as the administrative officer o f the Board in its rela­
* The tex t is not included in the Code o f Federal Regulations and therefore may not be
cited with a code reference.

2

RULES OF ORGANIZATION

tions with the Divisions o f its staff, with the Federal Reserve
Banks, and with the general public. This Office clears and con­
ducts official correspondence o f the Board and is charged with
responsibility fo r maintaining and providing reference service
to the official records o f the Board and the Federal Open Market
Committee.
( b ) Legal D ivision, headed by the Board’s General Counsel,
advises and assists the Board with respect to legal matters,
including legislation, regulations, interpretations, opinions, ap­
plications, hearings, orders, and litigation.
(c) Division o f Research and Statistics, headed by a Director,
provides the Board, the Federal Open Market Committee, and
other System officials with the economic information needed fo r
current operations and the formulation of credit and monetary
policies; and prepares, publishes, and interprets a variety of
statistical series in the financial and nonfinancial fields.
( d ) D ivision o f International Finance, headed by a Director,
advises and assists the Board on international financial and
economic matters and conducts research in this field. It carries
on staff work in connection with the supervision o f foreign
operations o f the Federal Reserve System and the membership
o f the Chairman o f the Board on the National Advisory Council
on International Monetary and Financial Policies.
(e) D ivision o f Bank O perations, headed by a Director,
advises and assists the Board with respect to matters concern­
ing the operation of the Federal Reserve Banks and the print­
ing, issue, and redemption o f Federal Reserve notes; collects
and prepares data regarding the condition, operations, expenses,
and earnings o f Reserve Banks; and maintains liaison with the
Treasury Department and other Government agencies on fiscal
agency operations of Reserve Banks.
( / ) D ivision o f E xam inations, headed by a Director, periodi­
cally examines the Federal Reserve Banks and reviews and
appraises their audit activities; coordinates the bank supervisory
functions o f the System and evaluates the examination pro­
cedures o f the Reserve Banks; exercises general supervision of
the commercial and fiduciary activities o f State member banks;
administers the supervisory features o f laws and regulations
relating to affiliates and bank holding companies; supervises
various foreign banking activities o f member banks and foreign
banking and financing corporations; administers the public dis­
closure provisions o f the Securties Exchange Act of 1934, as
amended, in their application to State member banks; processes
and presents to the Board applications filed pursuant to the

RULES OF ORGANIZATION

3

Bank Holding Company Act and the Bank Merger Act and
various other applications submitted under the provisions o f
the Federal Reserve A ct or related statutes; and advises the
Board regarding developments in banking and bank supervisory
policies and procedures.
( g ) D ivision o f P ersonnel Adm inistration, headed by a Direc­
tor, is responsible fo r the administration o f the Board’s per­
sonnel program, serves as the Board’s security office, and advises
and assists the Board on personnel matters pertaining to the
Federal Reserve Banks.
(h) D ivision o f Adm inistrative Services, headed by a Direc­
tor, serves as the central procurement, duplicating, communica­
tions, and service unit of the Board and advises and assists the
Board with respect to such matters. It also performs various
administrative functions, including the distribution o f Board
publications and the operation o f the Board’s building and other
facilities.
(% Office of the Controller, headed by the Board’s Controller,
)
is responsible fo r maintaining an effective internal financial
management system, including budgeting, accounting, report­
ing, internal and contract auditing, and operational analyses;
determining assessments on the Federal Reserve Banks for
funds to cover expenses of the Board; receiving and disbursing
the Board’s funds; and handling reimbursement to the Treasury
Department fo r the printing, issuance, and redemption o f Fed­
eral Reserve notes.
( / ) Office o f D efense Planning, headed by a Coordinator, is
responsible fo r the development of the Board’s defense emer­
gency planning program, the coordination o f that program
with those o f the Federal Reserve Banks and o f other Govern­
ment departments and agencies, and promotion o f the com­
mercial b^nk preparedness program.
( k ) Division o f Data Processing, headed by a Director, pro­
vides systems analysis, programming, and other data processing
support for the Board and its staff; schedules and operates the
Board’s electronic and automatic data processing equipment;
collects and processes statistical information on banking devel­
opments; advises on statistical methods and statistical opera­
tions; and advises on the design o f and prepares graphic dis­
plays in connection with economic analyses and presentations.
(I) Other personnel.— In addition to the Divisions mentioned
above, the staff o f the Board includes Advisers and Assistants
to the Board and a Legislative Counsel. The Federal Reserve
Bulletin is issued monthly under the direction o f a Staff Edi­

4

RULES OF ORGANIZATION

torial Committee. The Board does not employ hearing officers
as regular members o f its staff; but, in accordance with appli­
cable provisions o f law and in individual cases as the need
may arise, the Board obtains and utilizes hearing officers, whose
functions in such capacity are appropriately separated, as re­
quired by law, from investigative and prosecuting functions of
the staff.
S E C T IO N 4— F IE L D OR GA N IZA TION

(a) Federal Reserve B anks.— The United States is divided
into 12 Federal Reserve districts. In one city in each Federal
Reserve district there is located a Federal Reserve Bank, and
in 10 o f the districts there are one or more branches o f the
Federal Reserve Bank in other cities. Each Federal Reserve
Bank is a separate legal entity, created pursuant to the Federal
Reserve A ct and operating under the general supervision of
the Board. The locations o f the 12 Federal Reserve Banks and
their 24 branches and the boundaries o f the Federal Reserve
district and branch territories are shown in the Appendix. Each
Federal Reserve Bank, in addition to its other duties, carries
out local functions fo r the Board pursuant to instructions of
the Board, and in many matters acts as the Board’s field repre­
sentative in the Bank’s district. It assists in the regional admin­
istration o f the Board’s regulations and policies, keeps the
Board informed o f local conditions, and recommends such actions
as it thinks appropriate in particular cases. In general, persons
concerned with Federal Reserve matters should deal in the first
instance with the Federal Reserve Bank o f the appropriate
district or a branch thereof, and the Board requests all persons
to follow this procedure.
( b ) Federal Reserve Agents.— At each Federal Reserve Bank,
one o f the three directors of the Bank appointed by the Board
is designated by the Board as Chairman o f the Board o f Direc­
tors o f the Bank and as Federal Reserve Agent. He acts as the
Board’s official representative and maintains a local office of
the Board on the premises o f the Federal Reserve Bank.
SE C T IO N 5— D E L E G A T IO N S OF A U T H O R IT Y

The Board does not delegate any o f its functions relating
to rule-making or pertaining principally to monetary or credit
policies or involving any questions o f general policy. However,
the Board delegates certain o f its supervisory and other func­
tions prescribed by statute or regulations o f the Board to its
members or employees or to the Federal Reserve Banks as pro­
vided in its Rules Regarding Delegation o f Authority (12 CFR

RULES OF ORGANIZATION

5

265). In addition, the Board delegates to the Federal Reserve
Banks certain functions not provided fo r by statute or regu­
lations o f the Board, including authority to extend the time
within which certain transactions may be consummated, such
as acquisitions o f shares by bank holding companies, filing o f
annual reports by bank holding companies, establishments o f
branches by member banks and by foreign banking and finan­
cing corporations, and accomplishment of membership o f State
banks in the Federal Reserve System.

6

RULES OF PROCEDURE

APPENDIX
LIST OF FE D E R A L RESERVE BANKS AND BRANCHES
Federal Reserve Bank
B OSTON
N E W YORK
Buffalo Branch

Address
30 Pearl S treet (Boston, M assachusetts 02106)
33 L ib e r t y S tr e e t ( F . R . P . O . S ta tio n , N ew York,
N ew York 10045)
160 D e la w a re A venue ( P . O. B o x 961, B u ffa lo,
N ew York 14240)

P H IL A D E L P H IA

925 Chestnut S treet
v an ia 19101)

CLEVELAND

1455 E a st Sixth S treet (P. O. Box 6387,
Cleveland, Ohio 44101)
105 W est Fourth Street (P . O. Box 999, Cin­
cinnati, Ohio 45201)
717 Grant S treet (P . O. Box 867, Pittsburgh,
P en n sylvania 15230)

Cincinnati Branch
P ittsburgh Branch

RICH M OND
Baltimore Branch
C harlotte Branch

ATLANTA
Birm ingham Branch

(Philadelphia, P ennsyl­

100 N orth N in th Street (Richmond, Virginia
23213)
114-120 E a st L exington Street (Baltim ore,
M aryland 21203)
401 South Tryon S treet (Charlotte, N orth
Carolina 28201)
104 M arietta Street, N. W. (A tlan ta, Georgia
30303)
1801 F ifth Avenue, N orth (P . O. Box 2574,
Birm ingham, A labam a 35202)

Jacksonville Branch

515 J u l i a S tr e e t ( J a c k s o n v i l l e , F l o r i d a 32203)

N ashville Branch

301 E igh th Avenue, N orth (N ashville, Ten­
nessee 37203)
525 St. Charles A venue (P . O. B ox 61630, N ew
Orleans, Louisiana 70160)

N ew Orleans Branch

CHICAGO
D etroit Branch

ST. LOU IS

230 South L aSalle S treet (P . O. Box 834,
Chicago, Illinois 60690)
160 F ort Street, W est (P . O. Box 1059, Detroit,
Michigan 48231)
411 Locust Street (P . O. Box 442, St. Louis,
Missouri 63166)

L ittle Rock Branch

325 W est C a p ito l A v e n u e ( P . O. B o x 1261, L i t t l e
R o c k , A r k a n s a s 72203)

Louisville Branch

410 South F ifth Street (P. O. Box 899, Louis­
ville, Kentucky 40201)
170 Jefferson Street (P. O. Box 407, Memphis,
Tennessee 38101)

Memphis Branch

M IN N E A P O L IS
Helena Branch

73 South F i f t h S tre e t (M in n e a p o lis, M in n e so ta
55480)

400 N orth P ark A venue
59601)

(H elena, Montana

RULES OF PROCEDURE
K A N S A S CITY

7

925 Grand Avenue (F ederal Reserve Station,
K ansas City, Missouri 64198)

Denver Branch

1020 16th S tr e e t (T e rm in a l A nne x , P .O . Box
5228) (D e n v er, C o lo ra d o 80217)

Oklahoma City Branch

226 N orthw est Third Street (P . O. B ox 25129,
Oklahoma City, Oklahoma 73125)
102
South
Seventeenth
Street
(Omaha,
Nebraska 68102)

Omaha Branch

DALLAS
E l Paso Branch
Houston Branch
San Antonio Branch

S A N FRA NC ISC O
Los A ngeles Branch
Portland Branch
S a lt Lake City Branch
Seattle Branch

400 South Akard Street (S ta tion K, Dallas,
Texas 75222)
301 E a st Main Street (P . O. Box 100, E l Paso,
T exas 79999)
1701 San Jacinto Street (P . O. Box 2578,
Houston, T exas 77001)
210 W est N ueva S treet (P . O. Box 1471, San
Antonio, T exas 78206)
400 Sansome Street (S an Francisco, California
94120)
409 W est Olympic Boulevard (P . O. Box 2077,
Los A ngeles, California 90054)
915 S. W. Stark S tr e e t ( P .O . B ox 3436 P o r tla n d ,
O regon 97208)

120 South S tate Street (P . O. Box 780, Salt
Lake City, U ta h 84110)
1015 Second A venue (P . O. Box 3567, Seattle,
W ashington 98124)

M ARCH 1971

THE

FEDERAL

RESERVE

SYSTEM

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES

RULES OF PROCEDURE*
(12 CFR 262)
As revised effective August 9, 1967
S E C T IO N 262.1— B A S IS A N D SCOPE

This Part is issued pursuant to section 552 o f Title 5 of the
United States Code, which requires that every agency shall
publish in the Federal Register statements o f the general course
and method by which its functions are channeled and determined
and rules o f procedure and descriptions of forms available or
the places at which form s may be obtained.
SE C T IO N 262.2— P R O C E D U R E FO R R E G U L A T IO N S

(a) Notice.— Notices of proposed regulations o f the Board or
amendments thereto are published in the Federal Register,
except as specified in paragraph ( e ) o f this section or otherwise
excepted by law. Such notices include a statement o f the terms
o f the proposed regulations or amendments and a description
o f the subjects and issues involved; but the giving o f such notices
does not necessarily indicate the Board’s final approval o f any
feature of any such proposal. The notices also include a refer­
ence to the authority fo r the proposed regulations or amend­
ments and a statement o f the time, place, and nature o f public
participation.
( b ) Public participation.— The usual method o f public sub­
mission o f data, views, or arguments is in writing. It is ordi­
narily preferable that they be sent to the appropriate Federal
Reserve Bank, which forwards them to the Board. The locations
o f the 12 Federal Reserve Banks and the boundaries o f the
Federal Reserve districts are shown in the Appendix to the
Board’s Rules o f Organization.
(c) Preparation o f draft and action by Board.— In the light
o f consideration o f all relevant matter presented or ascertained,
the Legal Division, in collaboration with other Divisions o f the
Board’s staff, prepares drafts of proposed regulations or amend­
ments, and the staff submits them to the Board. The Board takes
such action as it deems appropriate in the public interest. Any
other documents that may be necessary to carry out any decision
•T he te x t corresponds to the Code of Federal Regulations, Title 12, Chapter II, Part 262;
cited as 12 CFR 262. The words "this P a r t”, as used herein, mean these rules.

10

RULES OF PROCEDURE

by the Board in the matter are usually prepared by the Legal
Division, in collaboration with the other Divisions o f the staff.
( d ) Effective dates.— Any substantive regulation or amend­
ment thereto issued by the Board is published not less than 30
days prior to the effective date thereof, except as specified in
paragraph (e) o f this section or as otherwise excepted by law.
(e) E xceptions as to notice or effective date.— In certain situ­
ations, notice and public participation with respect to proposed
regulations may be impracticable, unnecessary, contrary to the
public interest, or otherwise not required in the public interest,
or there may be reason and good cause in the public interest
why the effective date should not be deferred fo r 30 days. The
reason or reasons in such cases usually are that such notice,
public participation, or deferment o f effective date would pre­
vent the action from becoming effective as promptly as neces­
sary in the public interest, would permit speculators or others
to reap unfair profits or to interfere with the Board’s actions
taken with a view to accommodating commerce and business
and with regard to their bearing upon the general credit situ­
ation o f the country, would provoke other consequences contrary
to the public interest, would unreasonably interfere with the
Board’s necessary functions with respect to management or
personnel, would not aid the persons affected, or would other­
wise serve no useful purpose. The following may be mentioned
as some examples o f situations in which advance notice or
deferred effective date, or both, will ordinarily be omitted in
the public interest: The review and determination o f discount
rates established by Federal Reserve Banks, and changes in gen­
eral requirements regarding reserves of member banks, maxi­
mum interest rates on time and savings deposits, or credit for
purchasing or carrying securities.
SE C T IO N 262.3— A P P L IC A T IO N S

(a)
Form .— Any application, request, or petition (hereafter
referred to as “ application” ) fo r the approval, authority, deter­
mination, or permission o f the Board with respect to any action
fo r which such approval, authority, determination, or permis­
sion is required by law or regulation o f the Board (including
actions authorized to be taken by a Federal Reserve Bank or
others on behalf of the Board pursuant to authority delegated
under Part 265) shall be submitted in accordance with the
pertinent form , if any, listed in § 262.6. Copies of any such
form and details regarding information to be included therein
may be obtained from any Federal Reserve Bank. Any appli­
cation fo r which no form is listed in § 262.6 should be signed

RULES OF PROCEDURE

11

by the person making the application or by his duly authorized
agent, should state the facts involved, the action requested, and
the applicant’s interest in the matter, and should indicate the
reasons why the application should be granted. Applications for
access to, or copying of, records o f the Board should be sub­
mitted as provided in § 261.4(d) o f this Chapter.
( b ) Procedure.— Any application should be sent to the Fed­
eral Reserve Bank o f the district in which the person making
the application is located, and that Bank will forward it to the
Board when appropriate. The Reserve Bank makes such investi­
gation as may be necessary and reports the relevant facts, with
its recommendation, to the Board.
(c) Comm ents by staff.— In the light o f consideration o f all
relevant matter presented or ascertained, the Board’s staff pre­
pares and submits to the Board comments on the subject. The
Board in due course takes such action as it deems appropriate
in the public interest. Such documents as may be necessary to
carry out any decision by the Board are prepared by the Board’s
staff. With respect to actions taken by a Federal Reserve Bank
on behalf o f the Board under delegated authority, statements
and necessary documents are prepared by the staff o f such
Federal Reserve Bank.

(d) Notice o f granting or denial.— Prompt notice is given to
the applicant o f the granting or denial in whole or in part of
any application. In the case of a denial, except in affirming a
prior denial or where the denial is self-explanatory, such notice
is accompanied by a simple statement o f the grounds for such
action.
(e) Action at Board’s initiative.— When the Board, without
receiving an application, takes action with respect to any mat­
ter as to which opportunity for hearing is not required by
statute or Board regulation, similar procedure is followed,
including investigations, reports, and recommendations by the
Board’s staff and by the Reserve Banks, where appropriate.
( / ) Bank h olding com pany and m erger applications.— In addi­
tion to procedures applicable under other provisions of this
Part, the following procedures are applicable in connection with
the Board’s consideration o f applications under section 3 of the
Bank Holding Company Act o f 1956 (12 U.S.C. 1842), hereafter
called “ holding company applications’’, and o f applications under
section 1 8(c) o f the Federal Deposit Insurance A ct (12 U.S.C.
1828), hereafter called “ merger applications” . Unless otherwise
indicated, these procedures apply to both types o f applications.
(1 ) The Board issues each week a list that identifies hold-

12

RULES OF PROCEDURE

ing company and merger applications received during the
preceding week. Notice o f receipt o f each holding company
application is published in the Federal Register as provided
in § 222.4(e) (2) o f this Chapter [Regulation Y ].
(2) I f a hearing is required by law or if the Board deter­
mines that a hearing fo r the purpose o f taking evidence is
desirable, the Board issues an order fo r such a hearing, and
notice thereof is published in the Federal Register. Any such
hearing is conducted by a hearing examiner or hearing officer
in accordance with the Board’s Rules o f Practice for Formal
Hearings (Part 263 o f this Chapter) and, unless otherwise
ordered by the Board, is public.
(3) In any case in which a formal hearing is not ordered
by the Board, the Board may afford the applicant and other
properly interested persons (including Governmental agen­
cies) an opportunity to present views orally before the Board
or its designated representative. Unless otherwise ordered by
the Board, any such oral presentation is public and notice of
such public proceeding is published in the Federal Register.
(4 ) The Board’s action on an application is embodied in
an Order that indicates the votes o f members of the Board
and is accompanied by a Statement of the reasons for the
Board’s action. Both the Order and accompanying Statement
are released to the press. Normally, the Statement is issued
at the time o f issuance o f the Order; where this is not prac­
ticable, the Statement is issued as promptly as possible. Each
such Order is published in the Federal Register; and the Order
and Statement are published in the next succeeding issue of
the Federal Reserve Bulletin.
(5) (i) Each Order o f the Board approving a holding com­
pany application includes, pursuant to the Act approved July
1, 1966 (12 U.S.C. 1 8 4 9 (b )), a requirement that the trans­
action approved shall not be consummated before the thirtieth
calendar day following the date of such Order, (ii) Each
Order o f the Board approving a merger application includes,
pursuant to the Act approved February 21, 1966 (12 U.S.C.
1828(c) (1) ( 6 ) ) , a requirement that the transaction approved
shall not be consummated before the thirtieth calendar day
following the date o f such Order, except as the Board may
otherwise determine pursuant to emergency situations as to
which the Act permits consummation at earlier dates, (iii)
Each Order approving an application also includes, as a con­
dition o f approval, a requirement that the transaction ap­
proved shall be consummated within three months and, in the

RULES OF PROCEDURE

13

case o f acquisition by a holding company of stock of a newly
organized bank, a requirement that such bank shall oe opened
for business within six months, but such periods may be
extended for good cause by the Board (or by the appropriate
Federal Reserve Bank where authority to grant such exten­
sions is delegated to the Reserve Bank.)
(6) A fter action by the Board on an application, the Board
will not grant any request fo r reconsideration o f its action
unless the request presents relevant facts that, for good cause
shown, were not previously presented to the Board, or unless
it otherwise appears to the Board that reconsideration would
be appropriate.
(7) Unless the Board shall otherwise direct, each holding
company and merger application is made available for inspec­
tion by the public except for portions thereof as to which the
Board determines that nondisclosure is warranted under sec­
tion 552(b) o f Title 5 of the United States Code.
SE C T IO N 262.4— A D J U D IC A T IO N W IT H FORM AL H E A R IN G

In connection with adjudication with respect to which a hear­
ing is required by law or is ordered by the Board, the procedure
is set forth in Part 263 of this Chapter, entitled “ Rules o f Prac­
tice fo r Formal Hearings” .
SE C T IO N 262.5— A P P E A R A N C E A N D PRA CTIC E

Appearance and practice before the Board in all matters are
governed by § 263.3 o f this Chapter.
SE C T IO N 262.6— FORM S

The following forms, which are available at the Federal
Reserve Banks, shall be used fo r the purposes indicated:
Form
30
30a
56
56a
70

Application for Federal Reserve Bank Stock— Organizing
National Bank
Application fo r Federal Reserve Bank Stock— Nonmem­
ber State Bank Converting into National Bank
Application fo r Adjustment in Holdings of Federal
Reserve Bank Stock (Except by Mutual Savings Banks)
Application of Mutual Savings Bank for Adjustment in
Holdings o f Federal Reserve Bank Stock
Application fo r Prior Written Consent to Effect a Merger
or Other Transaction Pursuant to Section 1 8 (c) of the
Federal Deposit Insurance Act (Resulting Bank to be a
State Member Bank)

14

RULES OF PROCEDURE

Form
83
83A
83B

83C

83D

83E
86
86a

86b
87
105
105e
107
107b
151
152
220
220a
240

Application
for Membership in the Federal Reserve
System (Cover Sheet)
Application fo r Membership in the Federal Reserve Sys­
tem (State Banks except Mutual Savings Banks)
Application
for Membership in the Federal Reserve
System (Mutual Savings Banks Authorized to Purchase
Stock in Federal Reserve Bank)
Application
fo r Membership in the Federal Reserve
System (Mutual Savings Banks Not Permitted to Sub­
scribe fo r Stock in Federal Reserve Bank)
Application
for Stock in the Federal Reserve Bank
(Mutual Savings Bank Admitted to Membership upon
Deposit o f Appropriate Amount with Federal Reserve
Bank and Now Permitted to Subscribe for Federal
Reserve Bank Stock under Laws under Which Orga­
nized)
Certificate o f Directors and Cashier
Application for Cancellation o f Federal Reserve Bank
Stock— Liquidating Member Bank
Application fo r Cancellation o f Federal Reserve Bank
Stock— Member Bank Merging or Consolidating with
Nonmember Bank
Application for Cancellation o f Federal Reserve Bank
Stock— Converting National Bank
Application for Concellation o f Federal Reserve Bank
Stock— Insolvent Member Bank
Report o f Condition o f State Member Bank
(Form 105e)— Report o f Condition o f State Member
Bank (Publisher’s Copy)
Report o f Income and Dividends o f State Member Bank
(Calendar Year)
Report o f Income and Dividends o f State Member Bank
(6-Month Period)
Articles o f Association— Corporation To Do Business
under Section 25 (a) o f the Federal Reserve Act
Organization Certificate— Corporation To Do Business
under Section 2 5 (a ) of the Federal Reserve Act
Report of an Affiliate o f a State Member Bank
Report o f an Affiliate o f a State Member Bank (Publish­
er’s Copy)
Report o f Member Firm o f a National Securities
Exchange

RULES OF PROCEDURE

Form
314
391
414
F -l
F-2
F-3
F-4
F-5
F-6
F-7
F-8
F-9
F-10
F-20
T -l
T-2

Y -l

Y -1A

Y-2

Y-2 A

Y-5

Y-6

15

Report o f Condition by Foreign Banking Corporation
(Semiannual)
Monthly Report on Foreign Claims
Computation o f Reserve to be Carried with Federal
Reserve Bank by Member Bank
Registration Statement fo r Securities o f a Bank
Annual Report
Current Report
Quarterly Report
Proxy Statement; Statement Where Management Does
Not Solicit Proxies
Statement in Election Contest
Initial Statement o f Beneficial Ownership of Securities
Statement o f Changes in Beneficial Ownership of Se­
curities
Financial Statements
Registration Statement for Additional Classes o f Securi­
ties o f a Bank
Amendment to Registration Statement or Periodic Re­
port o f Bank
Agreement, Resolution, Certificate— to Qualify under
Section 8 ( a ) of the Securities Exchange A ct o f 1934
Agreement, Resolution, Certificate— to Qualify under
Section 8( a) o f the Securities Exchange A ct of 1934
(Bank with Principal Place o f Business outside 50 States
o f United States)
Application fo r Prior Approval o f Action to Become a
Bank Holding Company Pursuant to Section 3 ( a ) (1) of
the Bank Holding Company A ct of 1956
Certificate o f Directors or Other Governing Body
Authorizing Application Pursuant to Section 3 ( a ) (1) of
the Bank Holding Company Act
Application fo r Prior Approval o f Acquisition o f Bank
Shares Pursuant to Section 3 ( a ) (3) o f the Bank Hold­
ing Company Act of 1956
Certificate of Directors or Other Governing Body Au­
thorizing Application Pursuant to Section 3 ( a ) ( 3 ) of
the Bank Holding Company A ct o f 1956
Registration Statement of Bank Holding Company Pur­
suant to Section 5 ( a) o f the Bank Holding Company
Act o f 1956
Annual Report o f Bank Holding Company Pursuant to
the Bank Holding Company Act o f 1956