Full text of Federal Reserve Bank of New York Circulars : 6286. Amendments to Board of Governors' Rules Regarding Delegation of Authority

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FEDERAL RESERVE BANK
OF N EW YORK
1" Circular No. 6 2 8 6 1
L February 4, 1969 J

Amendments to Board of Governors’ Rules
Regarding Delegation of Authority

To All Member Banks, and Others Concerned,
in the Second Federal Reserve D istrict:

Enclosed is a copy of amendments, effective July 2, 1968 and
January 27, 1969, to the Rules Regarding Delegation of Authority of
the Board of Governors of the Federal Reserve System. The July 2,
1968 amendment relates to the administration of the Board’s Regula­
tion H, “ Membership of State Banking Institutions in the Federal
Reserve System,” and the January 27, 1969 amendments relate to the
Board’s Regulation P, “ Minimum Security Devices and Procedures
for Federal Reserve Banks and State Member Banks.”
Additional copies of the amendments will be furnished upon
request.




A

lfred

H

ayes,

President.

RULES REGARDING DELEGATION OF AUTHORITY
AMENDMENTS
I ssued b y t h e B oard of G overnors of t h e F ederal R eserve S y s t e m

1. Effective July 2 , 1968, section 265.2 ( /) is amended by adding
subparagraph (14) as follows:
SECTION 265.2— SPE C IFIC FUNCTIONS DELE G ATED
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(/) Each Federal Reserve Bank is authorized, as to member banks
or other indicated organizations headquartered in its district:
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(14)
Under the provisions of section 208.10(c) of this chapter
(Regulation H ), to extend the time within which a member bank that
has given notice o f intention to withdraw from membership must sur­
render its Federal Reserve Bank stock and its certificate of membership.
2. Effective January 27, 1969, section 265.2(c) is amended by
adding subparagraph ( 1 2 ) as follows:
SECTION 265.2—'SPECIFIC FUNCTIONS DELEG A TED TO
BOARD EM PLOYEES AND F E D E R A L RESERVE BANKS
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(c) The Director of the Division of Supervision and Regulation
(or, in his absence, the Acting Director) is authorized:
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(12)
To exercise the functions described in subparagraphs (15) (i)
and (ii) of paragraph ( /) ; and to exercise the functions described in
subparagraph (15) (iii) of paragraph ( /) in those cases in which the
appropriate Federal Reserve Bank concludes that, because of unusual
considerations, or for other good cause, it should not take action.
3. Also effective January 27, 1969, the title of section 265.2 (d) is
amended to read as shown below, and the following subparagraph (4)
is added to paragraph ( d ) :
(d) The Director of the Division of Federal Reserve Bank Opera­
tions (or, in his absence, the Acting Director) is authorized:




(4)
Under the provisions of sections 216.5( b) , 216.5(d), and 216.6
of this chapter (Regulation P ), with respect to Federal Reserve Banks
and branches: (i) to require reports on security devices; (ii) to require
special reports; and (iii) to determine, in view of the provisions of
sections 216.3 and 216.4, whether security devices and procedures are
deficient in meeting the requirements of Part 216, to determine whether
such requirements should be varied in the circumstances of a particu­
lar banking office, and to require corrective action.
4.
Also effective January 27, 1969, section 265.2 ( /) is amended by
adding subparagraph (15) as follows:
( / ) Each Federal Reserve Bank is authorized, as to member banks
or other indicated organizations headquartered in its district:
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*

*

(15)
Under the provisions of sections 216.5(6), 216.5(d), and 216.6
of this chapter (Regulation P ), with respect to State member banks
only: (i) to require reports on security devices; (ii) to require special
reports; and (iii) to determine, in view of the provisions of sections
216.3 and 216.4, whether security devices and procedures are deficient
in meeting the requirements of Part 216, to determine whether such
requirements should be varied in the circumstances of a particular
banking office, and to require corrective action.