Full text of Federal Reserve Bank of New York Circulars : Postponement of Effective Date of Revised Reports of Condition and Income

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Fe d e r a l R e s e r v e B a n k of N ew York
N E W Y O R K , N. Y. 1 0 0 4 - 5
AREA CODE

212

791-6164

December 23, 1977

POSTPONEMENT OF EFFECTIVE DATE
OF REVISED REPORTS OF CONDITION AND INCOME

To the Chief Executive Officer of Each State Member Bank
in the Second Federal Reserve District: '
The Board of Governors of the Federal Reserve System and
the other Federal bank regulatory agencies have postponed the
effective date of the revised Reports of Condition and Income. Enclosed
is a copy of a letter dated December 20, 1977, signed by Chairman Burns
to State member banks announcing the postponement.
We will inform you of the new date when it is set by the
Board of Governors.
Questions regarding this matter may be directed to
Richard A. Nelson, Manager, Banking Studies Department (Tel. No.
212-791-5849).




PAUL A. VOLCKER,
President.

CHAIRMAN

OF THE

FEDERAL

BOARD OF

GOVERNORS

R E S E R V E S TSTEM

W A S H I N G T O N , O. C .

20551

December

20,

1977

TO THE CHI E F E X E C U T I V E O F F I C E R
OF THE M E M B E R B A N K A D D R E S S E D

On O c t o b e r 20, the three F e deral b a n k i n g s u p e r vi s o r y age n c i e s
issued for com m e n t p r o p o s a l s for r e v i s i o n s in the R e ports of C o n d i t i o n
and Income.
These p r o p o s a l s w o u l d a f f e c t m a i n l y banks w i t h foreign
offices but there w e r e also a n u m b e r of cha n g e s p ro p o s e d for o th e r banks
with m o r e than $300 m i l l i o n in assets and some r e l a t i v e l y m i n o r c h anges
for b anks b e l o w that size.
U n d e r the p roposals, the r e v i s i o n s w e r e
be effe ct iv e w i t h the reports to be filed as o f M a r c h 31, 1978.

to

In r e s p o n s e to these p r oposals, b a nks and others h a v e m a d e a
s i g n if ic an t n u m b e r of thoug h t f u l and c o n s t r u c t i v e c o m m e n t s - - b o t h on the
subs ta nc e of the changes and on timing and o t her a d m i n i s t r a t i v e a s p e c t s - that the a g encies are now in process of evaluating.
B e c a u s e of the time needed to give c a reful c o n s i d e r a t i o n to
these comments and in r e s p o n s e to the freque n t l y expr e s s e d request for
m o re adeq ua t e lead time for banks to p r e p a r e for the r e vised r e p o r t i n g
r e qu irements, the a g encies have c o n cl u d e d that the o r i g i n a l l y proposed
M a r c h 31 i m p l e m e n t a t i o n date w o u l d be i n a p p r o p r i a t e and u n d u l y b u r d e n s o m e
on b a n k s .
In addition, the Se c u r i t i e s and E x c h a n g e C o m m i s s i o n has r e cently
released for comment a revised v e r s i o n of its p r o po s a l s for a n e w
A r t i c l e 9 of its R e g u l a t i o n S-X d e a ling w i t h financial st a t e m e n t s of b a n k
h o l di ng compa n i e s and banks.
The prop o s e d M a r c h 31, 1978 i m p l e m e n t a t i o n
date for the b a n ki n g agencies' revised C o n d i t i o n and I n come R e ports
w ou ld not ha v e a f forded the agencies o p p o r t u n i t y to give a d e q u a t e
a t t e nt i on to SEC's revised proposals.




(O v er)

TO THE CHIEF EXECUTIVE OFFICER
OF THE MEMBER BANK ADDRESSED
Page 2

In light of these circumstances, the banking agencies have
deferred the date of implementation of the revised Condition and Income
Reports. After further consideration of these and other factors affecting
the choice of an appropriate date, the agencies will announce in the near
future a new date for implementation of the revised reports.
I want to assure you that we greatly appreciate the time and
attention that many bankers have devoted to their detailed analyses of
the proposed revisions and that we will give all comments received our
careful consideration before settling on the final form and contents of
the revised reports.




Sincerely yours,

Arthur F. Burns