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q) . "Sf FED ER A L RESERVE BANK O F N E W YORK r Circular No. 7 5 9 8 1 L March 31, 1975 J INTERPRETATION OF REGULATION Y Computer Output Microfilm Services by Bank Holding Companies To A ll B atik H o ld in g Companies, and O th ers Concerned, in the S econd F ederal R eserve D istric t: The Board of Governors of the Federal Reserve System has amended an interpretation of its Regulation Y, “Bank H olding Companies,” regarding activi ties closely related to banking. The amendment, effective M arch 7, 1975, adds a new subparagraph (4 ) to section 225.123(e) of Title 12 of the Code of Federal Regulations, relating to the offering of computer output microfilm services by bank holding companies. In sub m itting the amendment for publication in the Federal Register, the Board stated that subsection 4 was being added to § 225.123(e) to indicate that computer output micro film services by themselves are not permissible data processing w ithin the meaning of § 2 2 5 .4 (a )(8 ) of the B oard’s Regulation Y (12 C FR 2 2 5 .4 ( a ) ( 8 ) ) . The Board viewed the offering of computer output microfilm services by a bank holding company or a subsidiary of a bank holding company to be a permissible activity within the con fines of § 225.4(a) (8 ) when offered only as an output option for data otherwise be ing permissibly processed by the bank holding company or the subsidiary of the bank holding company and not as a separate line of endeavor. Enclosed is a copy of that interpretation. Additional copies will be furnished upon request. A lfr ed H a y e s , President.
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