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F E D E R A L R E S E R V E B A N K O F NEW YO R K Fiscal Agent of the United States r Circular No. 6653-1 U December 11, 1970 J OFFERING OF TWO SERIES OF TREASURY BILLS 1,900,000,000 of 91-Day Bills, Additional Amount, Series Dated September 24, 1970, Due March 25, 1971 (To Be Issued December 24, 1970) $1,400,000,000 of 182-Day Bills, Dated December 24, 1970, Due June 24, 1971 To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: Follow ing is the tex t of a notice issued by the T reasu ry D epartm ent, released at 4 p.m. today: The Treasury Department, by this public notice, invites tenders for two series of Treasury bills to the aggregate amount of $3,300,000,000, or thereabouts, for cash and in exchange for Treasury bills maturing December 24, 1970, in the amount of $3,107,630,000, as follows: 91-day bills (to maturity date) to be issued December 24, 1970, in the amount of $1,900,000,000, or thereabouts, representing an additional amount of bills dated Septem ber 24, 1970, and to mature March 25, 1971 (C U SIP No. 912793 KA3), originally issued in the amount of $1,395,160,000, the additional and original bills to be freely interchangeable. 182-day bills, for $1,400,000,000, or thereabouts, to be dated December 24, 1970, and to mature June 24, 1971 (C U S IP No. 912793 K P0). The bills of both series will be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided, and at maturity their face amount will be payable without interest. They will be issued in bearer form only, and in denominations of $10,000, $15,000, $50,000, $100,000, $500,000 and $1,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, one-thirty p.m., Eastern Stand ard time, Friday, December 18, 1970. Tenders will not be received at the Treasury Department, Washington. Each tender must be for a minimum of $10,000. Tenders over $10,000 must be in multiples of $5,000. In the case of competitive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e.g., 99.925. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Banking institutions generally may submit tenders for account of customers, provided the names of the customers are set forth in such tenders. Others than banking institutions will not be per mitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in invest- ment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price range of accepted bids. Only those submitting competitive tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reservations, noncompetitive tenders for each issue for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competi tive bids for the respective issues. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on December 24, 1970, in cash or other im mediately available funds or in a like face amount of Treasury bills maturing December 24, 1970. Cash and exchange tenders will re ceive equal treatment. Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. Under Sections 454(b) and 1221(5) of the Internal Revenue Code of 1954, the amount of discount at which bills issued hereunder are sold is considered to accrue when the bills are sold, redeemed or otherwise disposed of, and the bills are excluded from considera tion as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder must include in his income tax return, as ordinary gain or loss, the difference between the price paid for the bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made. Treasury Department Circular No. 418 (current revision) and this notice prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be ob tained from any Federal Reserve Bank or Branch. T h is B ank will receive tenders for both series up to 1 :30 p.m., E astern S tandard time, Friday, December 18, 1970, at the Securities D epartm ent of its H ead Office and at its Buffalo Branch. T ender form s for the respective series are enclosed. Please use the appropriate form s to subm it tenders and retu rn them in the enclosed envelope m arked “ T en d er for T re a su ry Bills (W e e k ly ).” T en d ers not requiring a deposit may be subm itted by telegraph, subject to w ritten confirm ation; no tenders m ay be subm itted by telephone. Payment for the Treasury bills cannot be made by credit through the Treasury Tax and Loan Account. Settlement must be made in cash or other immediately available funds or in maturing Treasury bills. T he bidding for the previous offering of T reasu ry bills, to be issued December 17, 1970, will take place M onday, D ecem ber 14; the results of that bidding will be announced after release by the T reasu ry D epartm ent. A lfred H a y e s , President. C losin g d ate fo r receip t o f ten d ers is Friday, D ecem b er 18. BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM RULES REGARDING AVAILABILITY OF INFORMATION (12 CFR 261) As amended effective July 4, 1967 Any inquiry relating to these rules should be addressed to the Federal Reserve Bank of the Federal Reserve district in which the inquiry arises. CONTENTS Page Page S e c . 2 6 1 .1 — B a s is a n d S c S e c . 2 6 1 .2 — D e f i n i t i o n s o pe ..................................... .............................................. 3 (a ) (b ) (c) (d ) (e) a t io n ................. ..3 F ederal R e g is te r ............................................3 A nnual R eport ............................................. ..3 F ederal Reserve B u l le t in .......................... ..4 O ther published in f o r m a tio n ................... ..4 O btaining published in f o rm a tio n ............ ..4 S e c . 2 6 1 .4 — R e c o r d s A v a il a b l e t o Pub 4 ( a ) G eneral rule .................................................. (b ) Opinions, orders, statem ents of policy, interpretations, and staff m anuals and instructions ................................................ ( c ) O ther records ................................................ (d ) O btaining access to r e c o r d s ..................... 4 Req the .......................... l ic u p o n uest eferm ent C e r t a in 3 (a ) “Inform ation of the B oard” ..................... 3 (b ) “Records of the B oard” ............................. 3 S e c . 2 6 1 .3 — P u b l is h e d I n f o r m S e c . 2 6 1 .5 — D of A v a il a b il i t y I n f o r m a t io n of .............. 5 (a ) D eferm ent of a v a ila b ility .......................... 5 (b ) Reasons for deferm ent of availability . . 5 S e c . 2 6 1 .6 — E x e m p t i o n s fro m D isc l o su r e .. 5 (a ) G eneral rule .................................................. 5 (b ) Inform ation available to supervised in stitutions and other G overnm ent agen cies ................................................................ 6 ( c ) Prohibition against d is c lo s u re ................... 6 (d ) A ppeal from denial o f access to inform a tion. .............................................................. 6 Sec. 2 6 1 .7 — Subpoenas ................................................. 6 (a ) Advice by person s e r v e d .......................... 6 4 4 4 (b ) A ppearance by person s e r v e d ................. 7 Statutory A p p e n d ix ...................................................... 7 RULES REGARDING AVAILABILITY OF INFORMATION* (12 CFR 261) As amended effective July 4, 1967 (2) statem ents of the general course and m ethod by w hich its functions are channeled and deter mined, including the nature and requirem ents of all form al and inform al procedures available; SEC T IO N 261.1— BASIS A N D SCO PE This P art is issued by the Board of G overnors of the F ederal Reserve System (the “B oard”) p u r suant to the requirem ent of section 552 of Title 5 of the U nited States Code that every Federal agency shall publish in the Federal Register, for the guidance of the public, descriptions of the es tablished places at which, the officers from whom, and the m ethods whereby, the public m ay obtain inform ation, m ake subm ittals or requests, or ob tain decisions. (3) rules of procedure, descriptions of form s available or the places at w hich form s m ay be obtained, and instructions as to the scope and con tents of all papers, reports, or exam inations; (4) substantive rules of general applicability adopted as authorized by law, and statem ents of general policy or interpretations of general appli cability form ulated and adopted by the Board; (5) every am endm ent, revision, or repeal of the foregoing; and SEC T IO N 261.2— D E F IN IT IO N S (a) “ In fo r m a tio n o f the B o a rd ” . F or purposes of this Part, the term “inform ation of the B oard” m eans all inform ation com ing into the possession of the Board or of any m em ber thereof, or of any Federal Reserve Bank, or of any officer, employee, or agent of the Board or of any Federal Reserve Bank, in the perform ance of functions for o r on behalf of the Board, including functions delegated by the Board pursuant to P art 265 of this chapter. (b) “ R e co r d s o f the B o a rd ”. F or purposes of this Part, the term “records of the B oard” means rules, statem ents, opinions, orders, m em oranda, letters, reports, accounts, and other papers con taining inform ation of the Board that constitute p art of the B oard’s official files. (6) general notices of proposed rule m aking. T he Board also publishes in the Federal Register notice of receipt of applications p u rsuant to the Bank H olding C om pany A ct of 1956 (12 U.S.C. 1842), orders and supporting statem ents issued by the Board with respect to such applications and applications under the Bank M erger A ct (12 U.S.C. 1828(c)), and notices of form al hearings ordered by the Board. (b) A n n u a l R ep o rt. T he B oard’s A nnual R e port to Congress p u rsu an t to section 10 of the Federal Reserve A ct (12 U.S.C. 247), w hich is m ade public imm ediately after its submission to Congress, contains a full account of the B oard’s operations during the year, an econom ic review of the year, and legislative recom m endations to SEC TIO N 261.3— P U B LISH E D Congress. As required by law, the A nnual R eport IN F O R M A T IO N includes (1) a com plete record of the policy ac (a) F ed er a l R egister. To the extent required by tions taken by the B oard and the F ederal Open sections 552 and 553 of Title 5 of the U nited M arket Com m ittee, showing the votes taken States Code, and subject to the provisions of §§ thereon and the reasons underlying such actions 261.5 and 261.6, the Board publishes in the F ed (12 U.S.C. 247a); (2) m aterial pertaining to the eral Register fo r the guidance of the public, in adm inistration of the B oard’s functions u n d er the addition to this Part, Bank H olding Com pany A ct of 1956 (12 U.S.C. (1) descriptions of its central and field organi 1844); and (3) m aterial pertaining to bank m ergers zation; approved by the Board u nder section 18(c) of the * T h e text corresp on d s to the C o d e o f Federal R egu la Federal Deposit Insurance A ct (12 U.S.C. 1828 tion s, T itle 12, C hapter II, Part 2 6 1 , cited as 12 C F R 261. (c)). T h e w ords “th is P art” , as used herein, m ean th ese rules. 3 §§ 261.3— 261.4 (c) F e d e r a l R e se rv e B u lletin . In the F ederal R e serve Bulletin, w hich is issued m onthly, the Board publishes econom ic and statistical inform ation; special articles on subjects of econom ic interest; regulations, statem ents of general policy, and in terpretations of laws and regulations of general interest to the public; notices of actions by the Board on certain types of applications, such as applications for m em bership in the F ederal Re serve System; and orders and accom panying state m ents of the Board w ith respect to certain types of adjudications. Some m aterial that is published in the Bulletin is released in advance of such p u b lication, examples being certain regulations, inter pretations, orders and opinions, a m onthly sum m ary of business conditions, the B oard’s index of industrial production, and certain other statistical series. (d) O th er p u b lish e d in fo r m a tio n . As required by section 11(a) of the Federal Reserve A ct (12 U.S.C. 248(a)), the Board issues weekly (1) a statem ent of the condition of the Federal Reserve Banks; (2) a statem ent listing certain applications received by or on behalf of the Board and actions on such applications by the Board, or on behalf of the Board pursuant to authority delegated under P art 265 of this chapter; and (3) a statem ent show ing changes in the banking structure resulting from m ergers and the establishm ent of branches. F rom tim e to time, the Board issues statem ents to the press regarding p articular m onetary and credit actions, regulatory actions, actions w ith respect to certain types of applications, and other m atters. In addition, it issues various publications, the m ore im portant of w hich are listed in the m onthly F ed eral Reserve Bulletin. A m ong such publications is a loose-leaf com pilation of Interpretations o f the Board o f G overnors o f the Federal R eserve System . (e) O b tain in g p u b lish e d in fo r m a tio n . A nyone m ay subscribe to the Federal Reserve Bulletin at the rate therein indicated. A copy of each issue of the Bulletin is sent w ithout charge to each m em ber bank. C urrent o r back issues of the Bulletin, A nnual Reports, rules, regulations, and certain other published inform ation may be exam ined at the offices of the Board or any Federal Reserve Bank, and copies, if in stock, are supplied by the B oard at prescribed charges or at no cost. RULES REGARDING INFORMATION SEC TIO N 261.4— R E C O R D S A V A IL A B L E TO T H E P U B L IC U PO N R E Q U E ST (a) G en er a l rule. All records of the Board, w hether or not published under § 261.3, are m ade available to any person, upon request, for inspec tion and copying in accordance w ith the provisions of this section and subject to the lim itations stated in §§ 261.5 and 261.6. Records falling w ithin the exem ptions from disclosure set forth in section 552(b) of T itle 5 of the U nited States Code and in § 261.6 m ay nevertheless be m ade available in ac cordance with this action to the fullest extent con sistent, in the B oard’s judgm ent, w ith the effective perform ance of the B oard’s statutory responsibili ties and with the avoidance of injury to a public or private interest intended to be protected by such exemptions. (b) O p in io n s, ord ers, sta te m en ts o f p o lic y , in terp retation s, an d staff m a n u a ls and in stru ctio n s. Subject to the provisions of §§ 261.5 and 261.6, the Board m akes available for inspection and copy ing (1) all final opinions (including concurring and dissenting opinions) and orders m ade in the ad judication of cases, including such opinions and orders m ade pursu an t to authority delegated by the Board under P art 265 of this chapter; (2) state ments of policy and interpretations adopted by the Board that are not published in the Federal Register; and (3) adm inistrative staff m anuals and instructions to staff that affect any m em ber of the public. However, to the extent required to prevent a clearly unw arranted invasion of personal p ri vacy, the Board deletes identifying details in any m aterial o f the kinds above described; and in each such case the justification for such deletion is ex plained in writing. The Board m aintains and m akes available for public inspection and copying a current index providing identifying inform ation for the public as to any m aterial described in this paragraph w hich is issued, adopted, o r pro m u l gated after July 4, 1967. (c) O ther record s. Subject to the provisions of §§ 261.5 and 261.6, records of the Board not covered by paragraph (b) of this section, includ ing a record of the final votes of m em bers of the Board in any Board proceeding, are m ade avail able for inspection and copying to any person upon request. (d) O b tain in g a c c e ss to record s. Records of the Board subject to this section are available fo r in spection and copying during regular business hours §§ 261.4— 261.6 RULES REGARDING INFORMATION (3) interfere w ith the orderly execution of the objectives or policies of other G overnm ent agencies; (4) result in unnecessary or unw arranted dis turbances in the securities m arkets; or (5) interfere with the orderly conduct o f the foreign affairs of the U nited States. at the offices of the Board of G overnors of the Federal Reserve System, Federal Reserve Build ing, 20th and C onstitution A venue, W ashington, D. C. 20551, or, in the case of records containing inform ation required to be disclosed under sec tion 12 of the Securities Exchange A ct of 1934, as am ended (15 U.S.C. 78), at the offices of the F ed eral D eposit Insurance C orporation or at any Federal Reserve Bank. Every request for access to records of the Board, other than those contain ing inform ation required under section 12 of the Securities Exchange Act, shall be subm itted in writing to the Secretary of the Board, shall state the nam e and address of the person requesting access to such records, and shall describe such records in a m anner reasonably sufficient to per m it their identification w ithout undue difficulty; and such person shall pay a fee in an am ount based upon $5 per hour for the time required to locate such records and prepare them for inspec tion, plus 10 cents per standard page for any copy ing thereof. SEC T IO N 261.6— E X E M P T IO N S F R O M D ISC L O SU R E (a) G en er a l ru le. Except as otherw ise provided in this P art or as may be specifically authorized by the Board, inform ation in the records of the Board that is not available to the public through other sources will not be published in the Federal Register or m ade available for inspection and copying if such inform ation (1) is exem pted from disclosure by statute or executive order; (2 ) is contained in or related to exam ination, operating, or condition reports prepared by, on behalf of, o r for the use of, the Board or a F ed eral Reserve Bank, relating to the affairs of any bank or affiliate thereof, bank holding com pany o r subsidiary thereof, broker, finance com pany, or any other person engaged, or proposing to en gage, in the business of banking, extending credit, or managing or controlling banks; (3) is privileged or relates to the business, p er sonal, or financial affairs of any person and is furnished in confidence; Provided, however, T hat, following notice to the person furnishing such in form ation, the Board may m ake any inform ation furnished in confidence in connection w ith an ap plication for Board approval of any transaction available to the public in accordance with § 261.4 (c), and, to the extent it deems necessary and w ithout p rio r notice to such person, the Board may com m ent on such inform ation in any opinion or statem ent issued to the public in connection with a decision of the Board with respect to which such inform ation is relevant; (4) is contained in investigatory files com piled for law enforcem ent purposes (except to the ex tent available by law to a private party), including inform ation relating to proceedings for (i) the is suance of a cease-and-desist order, or order of suspension or rem oval, under the Financial In stitutions Supervisory A ct of 1966; (ii) the ter m ination of m em bership of a State bank in the Federal Reserve System p u rsuant to section 9 of SEC T IO N 261.5— D E F E R M E N T O F A V A IL A B ILIT Y O F C E R T A IN IN F O R M A T IO N (a) D e fe r m e n t o f ava ila b ility . In some instan ces, certain types of inform ation of the Board are not published in the Federal Register or m ade available for inspection and copying until after such period of tim e as the Board may determ ine to be reasonably necessary to avoid the effects described in paragraph (b) of this section. F or example, such deferm ent of publication or availa bility of inform ation to the public may occasion ally be necessary with respect to inform ation relat ing to the determ ination of m onetary or credit policies, including but not limited to discount rates, reserve requirem ents of m em ber banks, m axim um interest rates payable by m em ber banks on deposits, and m argin requirem ents. (b) R e a so n s fo r d e fe rm e n t o f ava ila b ility . P ub lication of, or public access to, certain inform ation of the Board may be deferred because earlier dis closure of such inform ation would (1) interfere w ith the accom plishm ent of the objectives of the B oard’s actions in the discharge of its statutory functions; (2) perm it speculators and others to gain unfair profits or other unfair advantages by speculative trading in securities or otherwise; 5 RULES REGARDING INFORMATION §§ 261.6— 261.7 disclose any such inform ation except in published statistical m aterial that does not disclose the af fairs o f any individual or corporation. the Federal Reserve A ct (12 U.S.C. 327); (iii) the suspension of a bank from use of the credit facili ties of the Federal Reserve System pursuant to section 4 of the F ederal Reserve A ct (12 U.S.C. 301); and (iv) the granting or revocation of any approval, perm ission, or authority, except to the extent provided in this P art and except as p ro vided in P art 262 of this chapter concerning bank holding com pany and bank m erger applications; (5) relates solely to the internal personnel rules and practices o r other internal practices o f the Board; (6) is contained in personnel, m edical, and simi lar files, the disclosure of which would constitute a clearly unw arranted invasion of personal p ri vacy; or (7) is contained in inter-agency or intra-agency m em oranda or letters that would not be routinely available by law to a private party in litigation w ith the Board, including but not lim ited to m em oranda, reports, and other docum ents prepared by the staffs of the Board or of the Federal R e serve Banks, and records of deliberations and dis cussions at m eetings of the Board or of any com m ittee of the Board or of the B oard’s staff. (b) In fo r m a tio n a v a ila b le to su p e rv ise d in stitu tio n s an d o th e r G o v e r n m e n t a g e n c ie s. A copy of (d) A p p e a l fr o m d en ial o f a c c e ss to in fo r m a tio n . A ny person who is denied access to records each report of exam ination of each State m em ber bank and of each bank holding com pany is m ade available by the appropriate Federal Reserve Bank to the bank o r com pany exam ined. Such reports and other appropriate inform ation relating to such a bank o r com pany are m ade available, upon re quest, by the D irector of the B oard’s Division of Supervision and Regulation to the C om ptroller of the C urrency and the Federal D eposit Insurance C orporation, and by the appropriate F ederal R e serve Bank to the Regional C om ptroller of the C urrency, the regional representative of the F ed eral D eposit Insurance C orporation, and the State governm ental authority having general supervision of such bank or com pany. Such reports and other inform ation may be m ade available by the Board to other agencies of the U nited States fo r use w here necessary in the perform ance of their of ficial duties. All reports or other inform ation m ade available p ursuant to this paragraph shall rem ain the property o f the Board and, except as otherw ise provided in this P art, no person, agency, or au thority to w hom the inform ation is m ade available, or any officer, director, o r em ployee thereof, shall (c) P ro h ib itio n again st d isc lo su re . Except as provided in this P art, no officer, em ployee, or agent of the Board or of any Federal Reserve Bank shall disclose or perm it the disclosure of any unpublished inform ation of the Board to anyone (other than an officer, em ployee, o r agent of the Board o r of a Federal Reserve Bank properly en titled to such inform ation for the perform ance of his official duties), w hether by giving out or fu r nishing such inform ation or a copy thereof o r by allowing any person to inspect or copy such in form ation or copy thereof, or otherwise. N otw ith standing the foregoing, unpublished economic, statistical, or sim ilar inform ation or unpublished inform ation regarding interpretations by the Board o f statutory o r regulatory provisions m ay be dis closed, orally or in writing, by any officer, em ployee, or agent of the Board o r of any Federal Reserve Bank w ho has knowledge of the subject m atter to any person who, in the judgm ent of such officer, em ployee, or agent, has a proper interest therein, subject, however, to the restrictions stated in § 261.5 and this § 261.6. of the Board may, w ithin 5 days thereafter, file with the Board a w ritten request for review of such action; and such review shall not be subject to the procedure prescribed in § 265.3 of this chapter with respect to review of actions taken p ursuant to authority delegated by the Board. SEC TIO N 261.7— SU B PO EN A S (a) A d v ic e b y p erso n serv ed . If any person, w hether or not an officer, employee, or agent of the Board or of a Federal Reserve Bank, has in form ation of the Board that m ay not be disclosed under this P art and in connection therew ith is served with a subpoena, order, or other process requiring his personal attendance as a witness or the production of docum ents or inform ation in any proceeding, he should prom ptly inform the Secretary of the Board of such service and of all relevant facts, including the docum ents and infor m ation requested and any facts which may be of assistance to the Board in determ ining w hether such docum ents or inform ation should be m ade 6 RULES REGARDING INFORMATION STATUTORY APPENDIX available; and he should take action at the ap propriate tim e to inform the court or tribunal that issued the process and the attorney for the party at whose instance the process was issued, if know n, of the substance of these rules. (b) A p p e a ra n ce b y p erso n served . Unless the B oard has authorized disclosure of the relevant inform ation, or except as provided in 18 U.S.C. 1906, any person having inform ation of the Board that m ay not be disclosed under this P art who is required to respond to a subpoena or other legal process shall attend at the tim e and place therein m entioned and decline to disclose such inform a tion o r give any testim ony w ith respect thereto, basing his refusal upon this P art. If the court or other body orders the disclosure of such inform a tion or the giving of such testim ony, the person having such inform ation of the Board shall con tinue to decline to disclose such inform ation and shall prom ptly report the facts to the Board fo r such action as the B oard m ay deem appropriate. STATUTORY APPENDIX Section 552, T itle 5, U nited States Code, p ro vides as follows: § 5 5 2 . P u b lic in fo r m a tio n ; a g e n c y rules, o p in io n s, ord ers, record s, and p r o c ee d in g s (a) E ach agency shall m ake available to the public inform ation as follows: (1) Each agency shall separately state and cu r rently publish in the Federal Register for the guid ance of the public— (A) descriptions of its central and field o r ganization and the established places at which, the em ployees (and in the case of a uniform ed service, the mem bers) from whom, and the m ethods whereby, the public m ay obtain in form ation, m ake subm ittals or requests, or ob tain decisions; (B) statem ents of the general course and m ethod by which its functions are channeled and determ ined, including the nature and re quirem ents of all form al and inform al proced ures available; (C) rules of procedure, descriptions of form s available or the places at w hich form s m ay be obtained, and instructions as to the scope and contents of all papers, reports, or exam inations; (D) substantive rules of general applicability adopted as authorized by law, and statem ents of general policy or interpretations of general applicability form ulated and adopted by the agency; and (E) each am endm ent, revision, or repeal of the foregoing. Except to the extent th at a person has actual and tim ely notice of the term s thereof, a person may n ot in any m anner be required to resort to, or be adversely affected by, a m atter required to be p u b lished in the Federal Register and not so p u b lished. F o r the purpose o f this paragraph, m atter reasonably available to the class of persons af fected thereby is deem ed published in the F ederal Register w hen incorporated by reference therein w ith the approval of the D irector of the Federal Register. 7 STATUTORY APPENDIX RULES REGARDING INFORMATION (2) E ach agency, in accordance w ith published rules, shall m ake available for public inspection and copying— shall determ ine the m atter de novo and the burden is on the agency to sustain its action. In the event of noncom pliance w ith the order of the court, the district court m ay punish for contem pt the re sponsible employee, and in the case of a u ni form ed service, the responsible m em ber. Except as to causes the court considers of greater im portance, proceedings before the district court, as authorized by this paragraph, take precedence on the docket over all other causes and shall be as signed fo r hearing and trial at the earliest p rac ticable date and expedited in every way. (A) final opinions, including concurring and dissenting opinions, as well as orders, m ade in the adjudication of cases; (B) those statem ents of policy and interpre tations which have been adopted by the agency and are not published in the F ederal Register; and (C) adm inistrative staff m anuals and instruc tions to staff th at affect a m em ber of the public; unless the m aterials are prom ptly published and copies offered for sale. T o the extent required to prevent a clearly unw arranted invasion of p er sonal privacy, an agency m ay delete identifying details when it m akes available or publishes an opinion, statem ent of policy, interpretation, or staff m anual o r instruction. H ow ever, in each case the justification for the deletion shall be ex plained fully in writing. E ach agency also shall m aintain and m ake available for public inspection and copying a current index providing identifying inform ation for the public as to any m atter issued, adopted, or prom ulgated after July 4, 1967, and required by this paragraph to be m ade available o r published. A final order, opinion, statem ent of policy, interpretation, or staff m anual or instruc tion that affects a m em ber of the public may be relied on, used, or cited as precedent by an agency against a party other than an agency only if— (4) E ach agency having m ore than one m em ber shall m aintain and m ake available fo r public inspection a record of the final votes of each m em ber in every agency proceeding. (b) This section does not apply to m atters th at are— (1) specifically required by Executive o rder to be kept secret in the interest of the national defense or foreign policy; (2) related solely to the internal personnel rules and practices of an agency; (3) specifically exem pted from disclosure by statute; (4) trade secrets and com m ercial or financial inform ation obtained from a person and privi leged or confidential; (5) inter-agency or intra-agency m em oran dum s o r letters w hich would not be available by law to a party other than an agency in liti gation with the agency; (6) personnel and medical files and similar files the disclosure of which would constitute a clearly unw arranted invasion of personal p ri vacy; (i) it has been indexed and either m ade available or published as provided by this p a ra graph; or (ii) the party has actual and tim ely notice of the term s thereof. (7) investigatory files com piled for law en forcem ent purposes except to the extent avail able by law to a party other than an agency; (3) E xcept w ith respect to the records m ade available under paragraphs (1) and (2) of this subsection, each agency, on request for identifi able records m ade in accordance with published rules stating the time, place, fees to the extent authorized by statute, and procedure to be fol lowed, shall m ake the records prom ptly available to any person. On com plaint, the district court of the U nited States in the district in w hich the com plainant resides, or has his principal place of business, o r in which the agency records are situ ated, has jurisdiction to enjoin the agency from w ithholding agency records and to order the p ro duction of any agency records im properly w ithheld from the com plainant. In such a case the court (8) contained in or related to exam ination, operating, o r condition reports prepared by, on behalf of, or for the use of an agency responsi ble for the regulation or supervision of financial institutions; or (9) geological and geophysical inform ation and data, including maps, concerning wells. (c) This section does not authorize w ithholding of inform ation or lim it the availability of records to the public, except as specifically stated in this section. This section is not authority to withhold inform ation from Congress. 8 BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM BANK SERVICE ARRANGEMENTS R E G U L A T IO N S (12 C FR 219) As adopted effective April 3, 1963 Any inquiry relating to this regulation should be addressed to the Federal Reserve Bank of the Federal Reserve district in which the inquiry arises. REGULATION S (12 C FR 219) A s adopted effective April 3, 1963 BANK SERVICE ARRANGEMENTS* keeping, accounting, statistical, or sim ilar func tions perform ed for a bank. SEC T IO N 219.1— A U T H O R IT Y A N D SCO PE T his P art im plem ents the provisions o f section 5 of the Bank Service C orporation A ct, Public Law 87-856, approved O ctober 23, 1962 (sec. 5, 76 Stat. 1132; 12 U.S.C. 1865), in the application thereof to arrangem ents for the perform ance of bank services for State banks that are members of the Federal Reserve System. U nder that section of the Act, no State m em ber bank m ay cause to be perform ed, by contract or otherwise, any bank services for itself, w hether on or off its premises, unless assurances satisfactory to the Board of G overnors of the Federal Reserve System are fu r nished to the Board by both the bank and the party perform ing such services that the perform ance thereof will be subject to regulation and exam ination by the Board to the same extent as if such services were being perform ed by the bank itself on its own premises. Such assurances are required by the A ct w hether the bank services are perform ed by bank service corporations in w hich the A ct authorizes banks to invest, or by others. U nder section 1(b) of the A ct, the term “bank services” m eans services such as check and deposit sorting and posting, com putation and post ing of interest and other credits and charges, preparation and m ailing of checks, statem ents, notices, and sim ilar items, or other clerical, book SEC T IO N 219.2— F O R M O F A SSU RA N CES Unless additional or different assurances are considered necessary by the Board in specific cases, the assurances referred to in § 219.1 of this P art m ay be subm itted in the form of a letter (or separate letters) signed by a duly authorized offi cer of the State m em ber bank and by the party (or a duly authorized officer or representative of such party) that will perform the bank services for the bank, stating, in substance, that the bank and the party perform ing such services have entered into an agreem ent that the perform ance of the services will be subject to regulation and exam ina tion by the Board to the same extent as if such services were being perform ed by the bank itself on its own premises. All such letters of assurances shall be addressed to the Board of G overnors of the Federal Reserve System in care of the Federal Reserve Bank of the district in w hich the State m em ber bank has its main office. SEC T IO N 219.3— T IM E FO R F U R N IS H IN G A SSU RA N CES * T h is text co rresp o n d s to the C o d e o f Federal R egu la tion s, T itle 12, C hapter II, Part 219, cited as 12 C F R 21 9 . T he w ords “ this P a rt”, as used herein, m ean R egu la tio n S. 2 As to any arrangem ent for the perform ance of bank services entered into or renewed after the effective date of this Part, assurances com plying with § 219.2 shall be furnished prior to the per form ance o f any service for the bank under the bank service arrangem ent. W ith respect to any REGULATION S bank service arrangem ent entered into prior to the effective date of this Part, such assurances shall be furnished within 30 days after the effec tive date of this Part, unless a letter of assurances covering such bank service arrangem ent has been furnished previously pursuant to the B oard’s “Statem ent for State M em ber Banks on the ‘Bank Service C orporation A ct’ ” issued O ctober 23, 1962 (Federal Reserve Bulletin, N ovem ber 1962, page 1428). SEC TIO N 219.4— SPE C IA L SIT U A TIO N S A ssurances com plying with § 219.2 need not be furnished in connection w ith arrangem ents for bank services which are imm ediately necessary be § § 2 1 9 .3 -2 1 9 .4 cause of em ergency conditions or situations or are required for short periods of time due to unusually heavy w ork dem ands, if the State m em ber bank prom ptly advises the Federal Reserve Bank of its district of the circum stances involved and of the length of time during which any of the b an k ’s books or records or any banking m edia will be rem oved from the b an k ’s prem ises and of the location thereof, and unless the bank is advised by the Federal Reserve Bank that such assurances m ust be furnished. Unless specifically requested by the Board, assurances com plying w ith § 219.2 need not be furnished in connection with any arrangem ent by a State m em ber bank for the per form ance of legal, advisory, and adm inistrative services, such as transportation or guard services. REGULATION S STATUTORY APPENDIX STATUTORY APPENDIX stock in such corporation, the corporation m ust offer to supply such services by either— (1 ) issuing stock to the applying bank and Act of October 23, 1962 furnishing bank services to it on the same basis as to the other banks holding stock in the F o r the purposes of this A ct— corporation, or S e c . 1. (a ) The term “Federal supervisory (2 ) furnishing bank services to the applying agency” m eans the C om ptroller of the Currency, bank at rates no higher than necessary to fairly the Board of G overnors of the Federal Reserve reflect the cost of such services, including the System, or the Board of D irectors of the Federal reasonable cost of the capital provided to the D eposit Insurance C orporation. corporation by its stockholders, (b ) T he term “bank services” means services at the corporation’s option, unless com parable such as check and deposit sorting and posting, services at com petitive overall cost are available com putation and posting of interest and other to the applying bank from another source, or credits and charges, preparation and m ailing of unless the furnishing of the services sought by the checks, statem ents, notices, and sim ilar items, or applying bank w ould be beyond the practical any other clerical, bookkeeping, accounting, sta capacity of the corporation. In any action or p ro tistical, or sim ilar functions perform ed for a bank. ceeding to enforce the duty imposed by this sec (c) The term “bank service corporation” m eans tion, or for dam ages for the breach thereof, the a corporation organized to perform bank services burden shall be upon the bank service corporation for two or m ore banks, each of w hich owns part to show such availability. of the capital stock of such corporation, and at S ec . 4. N o bank service corporation m ay en least one of which is subject to exam ination by a gage in any activity other than the perform ance Federal supervisory agency. of bank services for banks. S e c . 5. (a ) N o bank subject to exam ination (d ) The term “invest” includes any advance of by a Federal supervisory agency m ay cause to be funds to a bank service corporation, w hether by perform ed, by contract or otherwise, any bank the purchase of stock, the m aking of a loan, or services for itself, w hether on or off its premises, otherw ise, except a paym ent for rent earned, goods unless assurances satisfactory to the agency pre sold and delivered, or services rendered prior to scribed in subsection (b ) of this section are fu r the m aking of such paym ent. nished to such agency by both the bank and the S e c . 2. (a ) N o lim itation or prohibition other party perform ing such services that the perform wise imposed by any provision of Federal law ance thereof will be subject to regulation and exclusively relating to banks shall prevent any exam ination by such agency to the same extent two or m ore banks from investing not m ore than as if such services were being perform ed by the 10 per centum o f the paid-in and unim paired bank itself on its own premises. capital and unim paired surplus of each of them (b ) The assurances required by subsection (a) in a bank service corporation. (b ) If stock in a bank service corporation has of this section shall be given, in the case of— (1 ) a national banking association or a been held by two banks, and one of such banks bank operating under the code of laws for the ceases to utilize the services of the corporation District of Colum bia, to the Com ptroller of the and ceases to hold stock in it, and leaves the other Currency; as the sole stockholding bank, the corporation (2 ) a bank (other than a bank described in m ay nevertheless continue to function as such and paragraph ( 1 ) ) which is a m em ber of the F ed the other bank m ay continue to hold stock in it. eral Reserve System, to the Board of G over S e c . 3. W henever a bank (referred to in this nors of the Federal Reserve System; and section as an “applying bank” ) subject to ex (3 ) a bank (o th er than a bank described in am ination by a Federal supervisory agency applies paragraph (1 ) or ( 2 ) ) whose deposits are in for a type of bank services for itself from a bank sured by the Federal Deposit Insurance C o r service corporation which supplies the same type poration, to the Board of D irectors of the F ed of bank services to another bank, and the applying eral Deposit Insurance C orporation. bank is com petitive with any bank (referred to in this section as a “stockholding ban k ” ) which holds [U.S.C. title 12, 1861-1865.] 4
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