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F ederal R eserv e Bank DALLAS. T E X A S of Dallas 7S222 Circular No. 80-7 January 16, 1980 SUPPLEMENT TO REGULATION Q TO ALL MEMBER BANKS AND OTHERS CONCERNED IN THE ELEVENTH FEDERAL RESERVE DISTRICT: Enclosed is a copy of the Supplement to Regulation Q effective January 1, 1980. Member banks and others who maintain Regulations Binders should file the supplement in your binders. The supplement dated August 1979 should be removed from your binders and destroyed. Any questions concerning Regulation Q should be directed to the Consumer Affairs division of our Bank Supervision and Regulations Department, Ext. 6171. Additional copies of this supplement will be provided upon request to the Secretary's Office of this Bank, Ext. 6266. Sincerely yours, Robert H. Boykin First Vice President Enclosure Banks and others are encouraged to use the following incoming W A TS numbers in contacting this Bank: 1-800-442-7140 (intrastate) and 1-800-527-9200 (interstate). For calls placed locally, please use 651 plus the extension referred to above. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM SUPPLEMENT TO REGULATION Q f As amended e f iv January 1 1980 f ect e , SECTION 217.7— M A X I M U M RATES OF INTEREST PAYABLE BY M E M B E R BANKS O N TIME A N D SAVINGS DEPOSITS ber bank s a l pay i t r s a a r t i excess of 5 hl neet t ae n per cent on any savings deposit t a i subject t ht s o negotiable orders of withdrawal, the issuance of which i authorized by Federal law. s Pursuant t th provisions of Section 19 of t e o e h ( ) Governmental unit time deposits of l s d es Federal Reserve Act and § 217.3 of t i P r , t e hs at h than $100,000. Except a provided i paragraphs s n Board of Governors of the Federal Reserve System ( ) ( ) and ( ) no member bank s a l pay i t r s a , f, g, hl neet hereby prescribes t following maximum r t s of he ae' on any time deposit which co ist of funds depos ns s i t r s per annum payable by member banks of t e neet h i e t t c e i o . or i which t e e t r benefi t d o he r d t f n h nie Federal Reserve System on time and savings de c a i t r s i held by. th United S a e , any S a e il neet s e tts tt pst: ois of t e United S a e , or any county, municipality or h tts ( ) Time deposits of $100,000 or more. There a p l t c l subdivision t oiia hereof, t e D s r c of Co h itit i no maximum r t of i t r s presently prescribed s ae neet lumbia. the Commonwealth of Puerto Rico, th e on any time deposit of S 100.000 or more. Virgin I l n s American Samoa. Guam, or p l t c sad. oii ( ) Fixed ceiling time deposits of l s than b es a subdivision t e e f a a r t i excess of 8 per l h r o , t ae n $100,000. Except a provided i paragraphs ( ) s n a, cent.! ( ) ( ) ( ) and ( ) no member bank s a l pay d . e . f, g. hl ( ) Individual Retirement Account and Keogh e i t r s on any time deposit a a r t i excess of neet t ae n (H.R. 10) Plan deposits of l s than $100,000. es t e applicable r t under the following schedule: h ae Except as provided i paragraphs ( ) and ( ) a n a g. member bank may pay i t r s on any time deposit neet Maturity M a x i m u m per cent with a maturity of t re years or more than c n i t h e osss 30 days or more but l s es 5'A of funds deposited t t e c e i o . or i which t e o h rdt f n h than 90 days e t r b n f c a i t r s i held by. an i di du nie e e i i l neet s n vi al pursuant to an Individual Retirement Account 5-i V 90 days or more but l s es agreement or Keogh (H.R. 1 ) Plan established 0 than 1 year pursuant t 26 U.S.C. (I.R.C. 1954) §§ 408. 401. o 1 year or more but l s es 6 a a r t not i excess of 3 per cent.2 t ae n than 2Vi years (0 26*week money market time deposits of m 2'/i years or more but l s than $100,000. Except a provided i para es s n l s than 4 years es graphs ( ) ( ) and ( ) a member bank may pay a, b d. 4 years or more but 7'A interest on any nonnegotiable time deposit of l s than 6 years es S10.000 or more, with a maturity of 26 weeks, a a t r t not t exceed th r t established ( ae o e ae auction aver 6 years or more but l s es Vh age on a discount b s s f United S a e Treasury a i ) or tts than 3 years b l s with m tu ti of 26 weeks issued on or im il a ri es VU 8 years or more mediately p io t t e date of d p it Rounding r r o h e os . such r t t the next higher r t i not permitted. A ae o ae s neet ( ) Savings deposits. No member bank s a l pay member bank may not compound i t r s during c hl th term of t i d p s t A member bank may o f r e hs e o i . fe i t r s a a r t i excess of 5V per cent on any neet t ae n i t i category of time deposit t a l depositors. hs o l savings d p s t Provided, however, t a no memeoi. ht However, a member bank may pay i t r s on any neet 1 The limitation on rates o f interest payable by m em ber banks ot' the Federal Reserve System on time and savings deposits, as prescribed herein, are not applicable to any deposit which is payable only at an office of a member bank located outside the States o f the United States and the District ot' Columbia. ! The ceiling rate on this category is the highest fixed ceiling rate that may be paid on tim e deposits under S 100.000 by any Federally insured com m ercial bank, mutual savings b n , or savings and loan association. ak D E C E M B E R 1979 T Destroy Supplement dated August 1079. nonnegotiable time deposit of S 10.000 or more with a maturity of 26 weeks which c onsists of funds de posited t the c e i o . or i which th e t r be o rdt f n e nie n f c a i t r s i held by: eiil neet s ( ) the United S a e , any S a e of th United 1 tts tt e S a e , or any county, municipality or p l t c l sub tts oiia division thereof, the District of Columbia, t he Commonwealth of Puerto Rico, t Virgin I l n s he sad. American Samoa, Guam, or p l t c l subdivision oiia t e e f or hro; ( ) an i 2 ndividual pursuant t an Individual Re o tirement Account agreement or Keogh (H.R. 1 ) 0 Plan established pursuant t 26 U.S.C. fl.R.C. o 1954) §§ 408.401. a a r t not t exceed t e c i i g r t payable on t e t ae o h e l n ae h same category of deposit by any Federally insured savings and loan association or mutual savings bank. ( ) Time deposits of l s than $100,000 with g es maturities of 2Vi years or more. Except as pro vided i paragraphs l ) ( ) ( ) and < ) a member n a, b. d e. bank may pay i t r s on any nonnegotiable time neet deposit with a maturity of 2 / years or more t a i 'j ht s issued on or a t r t f r t day of each month a a f e he i s t r t not t exceed t ee quarters of one per cent ae o hr below the average IVi year y ld f r United S a e ie o tts Treasury s c r t e a determined and announced by euiis s th United St es Department of the Treasury t re e at h e business days p or t th f r t day of such month. ri o e i s The average V h year y ld w l be rounded by th ie i l e United S te Department of th Treasury t t e ta s e o h nearest 5 b s s p i t . A member bank may o f r ai ons fe t i category of time deposit t a l depositors. hs o l However, a member bank may pay i t r s on any neet nonnegotiable time deposit with a maturity of 2 / ': years or more which con st of funds deposited t si s o t e c e i o . or i which th e t r b n f c a i h rdt f n e nie eeiil n t r s i held b : eet s y ( ) the United S a e , any State of t e United 1 tts h S a e , or any county, municipality or p l t c l sub tts oiia division thereof, the D s ic of Columbia, t i tr t he Commonwealth of Puerto Rico, t e Virgin I l n s h sad. American Samoa, Guam, or p l t c l subdivision oiia t e e f or hro; ( ) an indi du pursuant t an I 2 vi al o ndividual Re tirement Account agreement or Keogh (H.R. 1 ) 0 Plan established pursuant t 26 U.S.C. (I.R.C. o 1954) §§ 408 .401. a a r t not t exceed t e ce i g r t payable on t e t ae o h il n a e h same category of deposit by any Federally insured savings and loan association or mutual savings bank.
