Full text of Federal Reserve Bank of New York Circulars : Giving of Public Notice of Nondiscrimination in Real Estate Financing Deferred to May 1

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FED ER AL RESERVE BANK
O F NEW YORK

February 23, 1972

G iv in g of Public N o tice of N o n d is c rim in a tio n
in Real Estate F in an cin g D eferred to May 1

To A ll State Member B a n ks
in the Second F ederal R e se rv e D istrict:

The following statement was made public yesterday by the Board of Governors of the
Federal R eserve System:
The Board of Governors of the Federal R eserve System today deferred until May 1
the effective date of its statement directing State member banks to give public notice that
their real estate financing is nondiscrim inatory. The statem ent had been scheduled to go
into effect on March 1.
The new date conform s with the effective date of regulations issu ed last week by the
Department of Housing and Urban Development which has the prim ary responsibility for
enforcem ent of the Civil Rights Act of 1968. Some provisions of that A c t—under which
the Board issued its statem ent — are directed at the real estate lending activities of
financial institutions.
In issuing its statement last December 20, the Board directed State member banks
to display posters in their lobbies announcing that they are equal housing lenders. The
statem ent also requires that advertising signify nondiscrim inatory real estate lending.
The Board announced that, prior to May 1, 1972, it w ill distribute free of charge to
all State member banks the posters and advertising logotypes required by its statem ent.




Alfred Hayes,
P re s id e n t.