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FEDERAL RESERVE BANK OF NEW YORK Circular No. 9398 November 8, 1982 INTERLOCKING BANK RELATIONSHIPS To All State Member Banks and Bank Holding Companies, and Others Concerned, in the Second Federal Reserve District: The Board of Governors of the Federal Reserve System has amended, effective October 26, 1982, its Regulation L (M anagement Official Interlocks) in order to reflect recent changes in the Depository Institution M anagement Interlocks Act. In addition, the Board has also announced two proposed am endm ents to that regulation. The following is quoted from the text of a statem ent issued by the Board of Governors: T h e I n t e r lo c k s A c t p r o h ib it s c e r t a in in t e r lo c k in g r e la t io n s h ip s a m o n g o f f ic ia ls o f fin a n c ia l in s t it u t io n s , in c lu d i n g d e p o s it o r y h o ld in g c o m p a n ie s a n d t h e ir a f f i lia t e s . T h e a m e n d m e n t p e r m it s — u n d e r a g r a n d f a t h e r c la u s e o f th e A c t — a m a n a g e m e n t o f f ic ia l to c o n tin u e in a n in t e r l o c k in g r e la t io n s h ip fo r th e e n t ir e 1 0 -y e a r g r a n d f a t h e r e d p e r io d p r o v id e d b y th e A c t , d e s p it e c e r t a in c h a n g e s in c ir c u m s t a n c e s , s u c h a s a m e r g e r o f a n in s t it u t io n in v o lv e d in a n in te r lo c k . T h e a m e n d m e n t a ls o p e r m it s a m a n a g e m e n t o f f ic ia l s e r v in g b o th a d e p o s it o r y a n d a n o n d e p o s ito r y in s t it u t io n to c o n t in u e in b o th p o s it io n s a lt h o u g h th e n o n d e p o s ito r y in s t it u t io n b e c o m e s a s a v in g s a n d lo a n h o ld in g com p an y. A t th e s a m e t im e , th e F e d e r a l R e s e r v e p r o p o s e d c h a n g e s in R e g u la tio n L t h a t w o u ld : (1 ) S im p li f y p r o c e d u r e s fo r o b t a i n i n g e x c e p t io n s to t h e A c t a n d e x t e n s io n s o f t im e to p e r m it c o m p lia n c e w it h th e A c t; (2 ) E a s e th e b u r d e n o f t h e A c t o n d e p o s it o r y in s t it u t io n h o ld in g c o m p a n ie s b y r e d e f in in g c e r t a in te r m s : (3 ) E n t ir e l y e x c lu d e fr o m th e p r o h ib itio n s o f th e A c t m a n a g e m e n t o f f i c ia ls w h o s e fu n c t io n s r e la t e e x c lu s iv e ly to r e t a il m e r c h a n d is in g a n d m a n u fa c tu r in g : (4 ) B r o a d e n th e c ir c u m s t a n c e s u n d e r w h ic h th e e x c e p t io n to th e p r o h ib it io n s o f th e A c t is a v a ila b le o n g r o u n d s o f d is r u p t iv e m a n a g e m e n t lo ss , a n d (5 ) C la r if y th e c i r c u m s t a n c e s t h a t r e q u ir e t e r m in a t io n o f n o n g r a n d f a t h e r e d m a n a g e m e n t o f f ic ia l in te r lo c k s . T h e f iv e F e d e r a l f in a n c ia l in s t it u t io n s r e g u la t o r s ( C o m p t r o lle r o f th e C u r r e n c y , F e d e r a l D e p o s it I n s u r a n c e C o r p o r a tio n , F e d e r a l H o m e L o a n B a n k B o a r d , F e d e r a l R e s e r v e B o a r d a n d th e N a t io n a l C r e d it U n io n A d m in is t r a t i o n ) h a v e p r e p a r e d a j o in t F e d e r a l R e g is t e r n o t ic e o f r e v is io n s a n d p r o p o s e d r e v is io n s in th e ir r e g u la t io n s im p le m e n t i n g th e D e p o s ito r y I n s tit u tio n M a n a g e m e n t I n t e r lo c k s A c t. Enclosed is the text of a joint statem ent subm itted by the five Federal financial institutions regulators for publication in the Federal Register of October 26, 1982, which includes the text of the am endm ent to Regulation L. The text of the proposed amendments to Regulation L, an advance copy of which has already been sent to State m ember banks and bank holding companies in this District, has also been published in the Federal Register of October 26. Comments thereon should be sent to the Comptroller of the Currency, and may also be directed to our Consumer Affairs and Bank Regulations Departm ent, by the dates specified in the Federal Register notice. Questions regarding Regulation L may be directed to our Consumer Affairs and Bank Regulations D epartm ent (Tel No. 212-791-5914). A nthony M. S olomon , President. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM M ANAGEMENT OFFICIAL INTERLOCKS AMENDMENT TO REGULATION L (effective October 26, 1982) FOR FURTHCR INFORMATION CONTACT: FEDERAL RESERVE SYSTEM 12 CFR Part 212 DEPARTMENT OF THE TREASURY Comptrodar of tha Currancy 12 CFR Part 26 FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Part 34a FEDERAL HOME LOAN BANK BOARD 12 CFR Part 5«3f NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 711 [D ock* No. *2-211 Managamant Official Interlocks B oa rd o f G o v e r n o r s o f th e F e d e r a l R e s e r v e S y s te m . C o m p tr o lle r o f th e C u r r e n c y , T r e a su r y , F e d e r a l D e p o sit In su r a n c e C o r p o r a tio n , F e d e r a l H o m e L oa n B an k B o a r d , a n d N a tio n a l C red it U n io n A d m in is tr a tio n . AOSMCICS: a c t io n : F in a l ru le. SUMMARY: T h e O ffic e o f th e C o m p tro lle r o f th e C u rr en cy , B oa rd o f G o v e r n o r s o f th e F e d e r a l R e s e r v e S y s te m , F e d e r a l H o m e L oa n B an k B oa rd , F e d e r a l D e p o s it In su r a n c e C o r p o r a tio n a n d th e N a tio n a l C red it U n io n A d m in is tr a tio n a re a m e n d in g th e ir r e s p e c tiv e r e g u la tio n s im p le m e n tin g th e D e p o sito r y In stitu tio n M a n a g e m e n t In te r lo c k s A c t to r e fle c t r e c e n t c h a n g e s e n a c te d b y C o n g r e ss in th e la w . T h e s e c h a n g e s p er m it a m a n a g e m e n t o ffic ia l w h o s e s e r v ic e in an in te r lo c k in g r e la tio n sh ip is g r a n d fa th e r e d u n d e r th e A c t to c o n tin u e su c h s e r v ic e fo r th e d u r a tio n o f th e ten y e a r g r a n d fa th e r p e r io d p r o v id e d in th e A c t n o tw ith s ta n d in g c h a n g e s in c ir c u m s ta n c e s . T h e c h a n g e s a ls o p erm it a m a n a g e m e n t o ffic ia l o f a d e p o sito r y o r g a n iz a tio n a n d a n o n d e p o s ito r y o r g a n iz a tio n to c o n tin u e su c h s e r v ic e a fte r th e n o n d e p o s ito r y o r g a n iz a tio n b e c o m e s a d iv e r s ifie d s a v in g s a n d lo a n h o ld in g c o m p a n y . iF R tc n v i D A T t T h e a m e n d m e n ts a re im m e d ia te ly e f fe c tiv e O c to b e r 2 8 ,1 9 8 2 . lEnc. Cir. No. 9%M| B r o n w e n M a s o n (202) 4 5 2 -3 5 6 4 o r M e la n ie F e in (202) 4 5 2 -3 5 9 4 , B o a rd o f G o v e r n o r s o f th e F e d e r a l R e s e r v e S y ste m : J erom e E d e ls te in or R o s e m a r ie O d a (202) 4 4 7 -1 8 8 0 , O ffic e o f th e C o m p tr o lle r o f th e C u rren cy : P a m e la E. F. L eC ren or B a r b a r a L G e r ste n (202) 3 8 9 -4 1 7 1 . F e d e r a l D e p o s it In su r a n c e C o r p o r a tio n : D a v id J. B r isto l (2 0 2) 3 7 7 6461 or K e n n e th F. H a il (202) 3 7 7 -6 4 6 6 , F e d e r a l H o m e L oa n B a n k B oard: or S te v e n R. B isk e r (202) 3 5 7 -1 0 3 0 , N a tio n a l C red it U n io n A d m in istr a tio n . SUFFUUM NTAJtY INFORMATION: T h e D e p o sito r y I n stitu tio n M a n a g e m e n t In te r lo c k s A c t (“ I n te r lo c k s A c t ”) w a s e n a c te d a s title II o f th e F in a n c ia l I n stitu tio n s R e g u la to r y a n d I n te r e st R a te C o n tro l A c t o f 1978 (P u b . L N o . 9 5 -6 3 0 , 12 U .S .C . 3201 et seq .) T h e g e n e r a l p u r p o se o f th e In te r lo c k s A c t, a n d th e fin a l r e g u la tio n s is s u e d th e reu n d er , is to fo ste r c o m p e titio n a m o n g d e p o sito r y in s titu tio n s , d e p o sito r y h o ld in g c o m p a n ie s , a n d th e ir a ffilia te s b y p ro h ib itin g m a n a g e m e n t o ffic ia l in te r lo c k s b e tw e e n a n a ffilia te d o r g a n iz a tio n s d e p e n d in g u p o n th eir s iz e a n d lo c a tio n . F in a l r e g u la tio n s im p le m e n tin g th e In te r lo c k s A c t w e r e p u b lis h e d e ffe c tiv e July 1 9 ,1 9 7 9 (44 FR 42152) a n d w e r e s u b s e q u e n tly a m e n d e d e ffe c tiv e M a y 9 ,1 9 8 0 (45 FR 24384). U n d e r s e c tio n 206 o f th e In te r lo c k s A ct (12 U .S .C . 3205) a n d th e cu rren t r e g u la tio n s, c e r ta in p e r so n s a re “g r a n d fa th e r e d ” in th e ir p o s itio n s a s m a n a g e m e n t o ffic ia ls for a p er io d o f ten y e a r s e n d in g N o v e m b e r 1 0 ,1 9 8 8 . T h e o c c u r r e n c e o f s p e c ifie d “c h a n g e s in c ir c u m s ta n c e s" a s p r o v id e d in th e cu rren t r e g u la tio n s m a y re su lt in th e e a r lie r te r m in a tio n o f g r a n d fa th e r e d in te r lo c k s. T h o s e c h a n g e s in c ir c u m s ta n c e s are d e fin e d to in c lu d e c e r ta in m er g e rs, a c q u is itio n s , c o n s o lid a tio n s , a n d th e e s ta b lis h m e n t o f c e r ta in o ffic e s . T itle III o f P ub. L 9 7 -1 1 0 , s ig n e d in to la w on D e c e m b e r 2 6 ,1 9 8 1 , a m e n d e d s e c tio n 206 to p r o v id e s p e c ific a lly th a t m erg ers, a c q u is itio n s , in c r e a s e s in to ta l a s s e t s iz e , e s ta b lis h m e n t o f o n e or m ore o ffic e s , or c h a n g e in m a n a g e m e n t r e sp o n s ib ilitie s s h a ll n ot c o n s titu te c h a n g e s in c ir c u m s ta n c e s th a t w ill n e c e s s it a t e e a r ly te r m in a tio n o f g r a n d fa th e r e d in te r lo c k s. D u e to th is s ta tu to r y c h a n g e , th e a g e n c ie s are r e p e a lin g th e p o r tio n o f th eir r e s p e c tiv e r e g u la tio n s th a t s e ts forth m er g e rs, a c q u is itio n s , c o n s o lid a tio n s , a n d e s ta b lis h m e n t o f c e r ta in o ffic e s a s c h a n g e s in c ir c u m s ta n c e s th a t w ill a ffe c t g r a n d fa th e r e d in te r lo c k s a n d d e le tin g o th er r e fe r e n c e s to th a t p r o v isio n . T h is a c tio n h a s th e e ffe c t o f r e p e a lin g a fin a l a m e n d m e n t to 12 C FR 5 6 3 f.6 (a )(l)(i) a d o p te d b y th e F e d e r a l H o m e L oan B an k B o a r d o n D e c e m b e r 4 ,1 9 8 1 (S e e 46 FR 8 1 2 49 (1981)). T h e a m e n d e d r e g u la tio n p r o v id e s th at p e r so n s w h o w o u ld h a v e b e e n re q u ire d to te r m in a te a g r a n d fa th e r e d in te r lo c k b a s e d u p o n th e p r o v isio n o f th e r e g u la tio n s n o w b e in g r e p e a le d b u t w h o h a v e n o t y e t te r m in a te d th e in te r lo c k a n d p e r s o n s w h o a re c o n tin u in g to s e r v e in a n in te r lo c k in g p o s itio n u n d e r an e x te n s io n g r a n te d b y o n e o f th e a g e n c ie s m a y c o n tin u e th e ir in te r lo c k in g s e r v ic e u n til N o v e m b e r 1 0 ,1 9 8 8 . T h e a g e n c ie s w ill s o lic it c o m m e n t o n w h e th e r or n o t p e r so n s w h o h a v e a lr e a d y te r m in a te d a n in te r lo c k b a s e d u p o n th e p r o v isio n b e in g r e p e a le d m a y r e su m e th eir in te r lo c k in g s e r v ic e . T h e a g e n c ie s a ls o a re a m e n d in g th eir r e g u la tio n s to r e fle c t th e a d d itio n to s e c tio n 206 b y P ub. L 9 7 -1 1 0 o f a n e w su b p a r a g r a p h (b ). S u b p a r a g r a p h (b ) p er m its a n in d iv id u a l w h o s e r v e s a s a m a n a g e m e n t o ffic ia l o f a d e p o s ito r y o r g a n iz a tio n a n d a n o n d e p o s ito r y o r g a n iz a tio n to r e m a in in th a t p o s itio n r e g a r d le s s o f th e p r o h ib itio n s o f th e In te r lo c k s A c t if th e n o n d e p o s ito r y o r g a n iz a tio n b e c o m e s a d iv e r s ifie d s a v in g s a n d lo a n h o ld in g c o m p a n y a s th at term is d e fin e d b y 4 0 8 (a )(l)(F :) o f th e N a tio n a l H o u s in g A c t (12 U .S .C . 1 7 3 0 a (a )(l)(F )). N e w su b p a r a g r a p h (b) c e a s e s to o p e r a te a s o f N o v e m b e r 10, 1988. T h e c h a n g e in th e la w w ill b e r e fle c te d in a n e w su b p a r a g r a p h (c) to th e p r o v isio n o f th e r e g u la tio n s d e a lin g w ith p e r m itte d in te r lo c k in g r e la tio n sh ip s . It is th e a g e n c ie s ' o p in io n th a t th e a m e n d m e n t w h ic h a d d e d su b p a r a g r a p h (b) to s e c tio n 206 is fu lly r e tr o a c tiv e . T h u s, a p e r so n w h o . prior to e n a c tm e n t o f th e a m e n d m e n t, r e sig n e d from e ith e r o r g a n iz a tio n a fte r th e n o n d e p o sito r y c o r p o r a tio n b e c a m e a d iv e r sifie d s a v in g s a n d lo a n h o ld in g c o m p a n y a n d su c h r e sig n a tio n w a s d u e to th e In te r lo c k s A c t m a y r e su m e h is or h er p r e v io u s p o s itio n . P e r so n s w h o m a y c o n tin u e to s e r v e b a s e d u p o n th e a d d itio n o f su b p a r a g r a p h (b ) to s e c tio n PRINTED IN NEW YORK. FROM F E D E R A L R E G IST E R VOL. 47. NO. 207 2 06 m u st te r m in a te th e ir in te r lo c k s n o la te r th a n N o v e m b e r 1 0 ,1 9 8 8 if th e y h a v e n o t d o n e s o p r e v io u s ly a n d th e in te r lo c k is p r o h ib ite d a t th a t tim e. T h e a g e n c ie s a r e u n d e c id e d o n th e is s u e o f w h e th e r o r n o t p e r s o n s c o v e r e d b y s e c t io n 2 06 (b ) m a y c o n tin u e th e ir in te r lo c k in g s e r v ic e e v e n th o u g h s u b s e q u e n t c h a n g e s in c ir c u m s ta n c e s o cc u r . It is th e a g e n c ie s ’ in te n tio n to s o lic it c o m m e n t o n w h e th e r or n o t su c h in te r lo c k s m a y b e a ffe c te d b y s u b s e q u e n t c h a n g e s in c ir c u m s ta n c e s . U n til su c h tim e a s c o m m e n t is s o lic ite d a n d th e is s u e fu lly c o n s id e r e d b y th e a g e n c ie s , n o re g u la to r y a c tio n w ill b e ta k e n re g a r d in g su c h in te r lo c k s in th e e v e n t o f s u b s e q u e n t c h a n g e s in c ir c u m s ta n c e s . T h e a g e n c ie s a re n o t s o lic itin g p u b lic c o m m e n t w ith re g a r d to th e s e fin a l a m e n d m e n ts u n d e r a u th o r ity o f 5 U .S .C . 5 5 3 (b ), w h ic h a u th o r iz e s w a iv e r o f p u b lic c o m m e n t in th e c a s e o f in te r p r e ta tiv e r u le s. T h e a m e n d m e n ts c a n b e c o n s id e r e d in te r p r e ta tiv e a s th e y m e r e ly c o n fo r m th e e x is tin g r e g u la tio n s to F e d e r a l la w . T h e a m e n d m e n ts a re m a d e e ffe c tiv e im m e d ia te ly p u r su a n t to 5 U .S .C . 5 53 (d )(2), w h ic h a u th o r iz e s w a iv e r o f a d e la y e d e ffe c tiv e d a te in th e c a s e o f in te r p r e ta tiv e ru les. R e g u la to r y Im p a c t A n a ly s is P u r su a n t to s e c tio n 3(g)(1) o f E x e c u tiv e O r d e r 12291 o f F eb ru a ry 17, 1981, it h a s b e e n d e te r m in e d th a t th e a m e n d m e n ts d o n o t c o n s titu te a m a jo r ru le w ith in th e m e a n in g o f s e c tio n 1(b ) o f th e E x e c u tiv e O rd er. T h e a m e n d m e n ts e lim in a te r e str ic tio n s im p o se d b y r e g u la tio n s im p le m e n tin g th e D e p o sito r y In stitu tio n M a n a g e m e n t In te r lo c k s A c t, 12 U .S .C . 3201 et seq. T h e a m e n d m e n ts h a v e n o a d v e r s e e ffe c t o n th e o p e r a tio n s o f th e d e p o s ito r y in s titu tio n s s u b je c t to th em . A s su c h , th e a m e n d m e n ts w ill n o t h a v e a n a n n u a l e ffe c t o n th e e c o n o m y o f $ 1 0 0 m illio n or m o re, w ill n o t a ffe c t c o s t or p r ic e s for c o n su m e r s , in d iv id u a l in d u str ie s, g o v e r n m e n t a g e n c ie s or g e o g r a p h ic re g io n s, a n d w ill n o t h a v e a d v e r s e e ffe c ts on c o m p e titio n , e m p lo y m e n t, in v e s tm e n t, p r o d u c tiv ity , or o n th e a b ility o f U n ite d S ta te s b a s e d e n te r p r is e s to c o m p e te w ith fo reig n b a s e d e n te r p r is e s in d o m e s tic or e x p o r t m a rk ets. L ist o f S u b je c ts 12 CFR Part 26 N a tio n a l b a n k s. M a n a g e m e n t o ffic ia l in te r lo c k s. 12 CFR Part 212 A n titr u st. H o ld in g c o m p a n ie s . 12 CFR P a rt 348 Antitrust Banks, Banking. Holding companies. 12 CFR P a rt 563f Antitrust, Savings and loan associations. 12 CFR P a rt 711 Antitrust Credit unions. Accordingly, and pursuant to their respective authority under section 209 of the Depository Institution Management Interlocks Act (12 U.S.C. 3207), the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Home Loan Bank Board, and the National Credit Union Administration amend 12 CFR Parts 212. 28, 348. 563f, and 711 respectively, * * * FEDERAL RESERVE SYSTEM 12 CFR Part 212 Management Official Interlocks 12 CFR Part 212 is amended as follows: PART 212— [AMENDED] 1. T h e a u th o r ity c ita tio n for P art 212 r e a d s a s fo llo w s : Authority: 12 U.S.C. 3201 et seq. 2. S e c tio n 2 1 2 .4 (b )(5) is r e v is e d to r e a d a s fo llo w s : § 212.4 Permitted Interlocking relationships. e e e e * (b ) * * * (5) Loss o f management officials due to change in circumstances. If a d e p o s ito r y o r g a n iz a tio n e x p e r ie n c e s a c h a n g e in c ir c u m s ta n c e s d e s c r ib e d in p a r a g r a p h s (a) a n d (b) o f § 212.8, a n d th e c h a n g e re q u ire s th e te r m in a tio n o f s e r v ic e a t th e d e p o s ito r y o r g a n iz a tio n o f 50 p e r c e n t or m o re o f th e o r g a n iz a tio n 's d ir e c to r s or o f 50 p e r c e n t or m o re o f th e to ta l m a n a g e m e n t o ffic ia ls o f th e d e p o s ito r y o r g a n iz a tio n , su c h m a n a g e m e n t o ffic ia ls m a y c o n tin u e to s e r v e in e x c e s s o f th e tim e p e r io d s p r o v id e d in §§ 2 1 2 .0 (a ) or 212.6(b): Provided. T h at: (i) E ach m a n a g e m e n t o ffic ia l s o a ffe c te d a g r e e s to s e v e r th e p r o h ib ite d in te r lo c k in g r e la tio n sh ip n o la te r th a n 30 m o n th s a fte r th e c h a n g e in c ir c u m s ta n c e s: (ii) th e a p p r o p r ia te F e d e r a l s u p e r v iso r y a g e n c y or a g e n c ie s d e te r m in e th a t th e s e r v ic e b y su c h management officials is necessary to provide management or operating expertise; (iii) the depository organization submits a proposal for the orderly termination of service by such management officials over the time period provided; and (iv) other conditions in addition to, or in lieu of. the foregoing may be imposed by the appropriate Federal supervisory agency or agencies in any specific case. 3. S e c tio n 212.4 is a m e n d e d b y a d d in g p a r a g r a p h (c) w h ic h r e a d s a s fo llo w s : § 212.4 Permitted interlocking relationship*. * • • * • (c) Diversified savings and loan holding company. N o tw ith s ta n d in g } 212.3, a p e r so n w h o s e r v e s a s a m a n a g e m e n t o ffic ia l o f a d e p o s ito r y o r g a n iz a tio n a n d a n o n d e p o s ito r y o r g a n iz a tio n is n o t p r o h ib ite d from c o n tin u in g th e in te r lo c k in g s e r v ic e w h e n th e n o n d e p o s ito r y o r g a n iz a tio n b e c o m e s a d iv e r s ifie d s a v in g s a n d lo a n h o ld in g c o m p a n y , a s d e fin e d in S e c tio n 4 08 (a )(1 )(F ) o f th e N a tio n a l H o u s in g A c t (12 U .S .C . 1 7 3 0 a (a )(l)(F )). T h is su b p a r a g r a p h s h a ll c e a s e to o p e r a te on N o v e m b e r 1 0 ,1 9 8 8 . 4. S e c tio n 212.5 is r e v is e d to r e a d a s fo llo w s : $ 212.5 Grandfathered interlocking reiattooeMp*. A p e r so n w h o s e in te r lo c k in g s e r v ic e in a p o s itio n a s a m a n a g e m e n t o ffic ia l o f tw o or m o re d e p o s ito r y o r g a n iz a tio n s b e g a n p rior to N o v e m b e r 1 0 ,1 9 7 8 , a n d w a s n o t im m e d ia te ly p rio r to th a t d a te in v io la tio n o f S e c tio n 8 o f th e C la y to n A c t (12 U .S .C . 19) is n o t p r o h ib ite d from c o n tin u in g to s e r v e in su c h in te r lo c k in g p o s itio n s u n til N o v e m b e r 1 0 .1 9 8 8 . A n y m a n a g e m e n t o ffic ia l w h o h a s b e e n req u ired to te r m in a te s e r v ic e in o n e or m ore su c h in te r lo c k in g p o s itio n s a s a resu lt o f a c h a n g e in c ir c u m s ta n c e s d e fin e d in 12 CFR 2 1 2 .6 (a ) a s it e x is te d prior to O c to b e r 26, 1982 (12 CFR 212 .6 (a ) (1981)) b u t w h o h a s n ot te r m in a te d su c h s e r v ic e a s o f O c to b e r 28, 1982 is n o t p r o h ib ite d from c o n tin u in g su c h s e r v ic e u n til N o v e m b e r 1 0 .1 9 8 8 . § 212.6 (Amended 1 5. S e c tio n 212.6 is a m e n d e d b y d e le tin g p a r a g r a p h s (a ) (1) a n d (2) a n d r e d e sig n a tin g p a r a g r a p h s (b) (1) a n d (2) a s (a) a n d (b). r e s p e c tiv e ly . By order of the Board of Governors of the Federal Reserve System, effective October 12, 1982. William W . Wiles, Secretary of the Board.
@FedFRASER