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FEDERAL RESERVE BANK OF NEW YORK M arch 3, 1976 SECU R ITIES O F M EM BER STATE BANKS Proposed A m endm ents to Regulation F To Conform W ith SEC Rules 7o tn /Ac FcJcra/ Following is the text of a statem ent issued February 24 by the Board of Governors of the Federa! Reserve System: The Board of Governors of the Federai Reserve System today invited comment through March 23 on a proposal that wouid expand reporting requirements for State member banks that are subject to Regulation F (Securities of State Member Banks). The proposa! would change the Board's reguiation to conform with recent changes made by the Securities and Exchange Commission in its rules. Under the Depository Institutions Act of 1974. the Board must make its Regulation F conform to comparable regulations issued by the SEC unless it determines that such changes are unnecessary or inappropriate. Under the proposal issued today, the quarterly reporting form (F-4) would be expanded to include a condensed balance sheet, a summary statement of changes in financial position, a narrative analysis of results of company operations, and inclusion of additional financial disclosures that management deems appropriate. A second proposed amendment would provide for accounting changes, including revised reporting treatment of the reserve for loan losses, and repositioning of subordinated debt, unearned income on loans, and direct loan financing. The text of the proposal is enclosed for State m em ber banks only. Com m ents thereon should be subm itted by M arch 23 and may be sent to our Bank Regulations D epartm ent. Copies of the proposa! are available upon request directed to th at departm ent. PAUL A. V O LCK ER,
@FedFRASER