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FEDERAL RESERVE BANK OF NEW YORK A T - lC V Z t > August 4, 1994 Technical Corrections to Regulation O To the Addressee: Enclosed is an excerpt from the Federal Register of July 26, 1994, containing technical corrections to Regulation 0, "Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks," of the Board of Governors of the Federal Reserve System. The full text of Regulation 0 which is now being corrected was sent to you with our Circular No. 10700, dated March 22, 1994 . CIRCULARS DIVISION 4 / /O J A S ' Board of Governors of the Federal Reserve System o LOANS TO EXECUTIVE OFFICERS, DIRECTORS, AND PRINCIPAL SHAREHOLDERS OF MEMBER BANKS Technical Corrections to Regulation O o FEDERAL RESERVE SYSTEM 12 CFR Part 215 [Regulation O; Docket Nos. R -0 8 0 0 a n d R— 0809} Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks; Loans to Holding Companies and Affiliates; Correction Board of Governors of the Federal Reserve System. ACTION: Corrections to final regulation. AGENCY: SUMMARY: This docum ent contains technical corrections to the final regulation (12 CFR part 215) that was published February 24,1994 (59 FR 8831). The regulation sets forth various requirem ents and restriction on loans by a m ember bank to its insiders and to insiders of its affiliates. EFFECTIVE DATE: July 19, 1994. FOR FURTHER INFORMATION CONTACT: Gordon Miller, Attorney (202/4522534), Legal Division, Board of Governors of the Federal Reserve System, 20th and C Street, NW„ W ashington, DC 20551, For the hearing im paired only, Telecom m unications for the Deaf (TDD), Dorothea Thom pson (202/452-3544). SUPPLEMENTARY INFORMATION: Background The final regulation that is the subject of these corrections makes permanent an interim rule increasing the aggregate lending limit for small, adequately capitalized banks from 100 percent of unimpaired capital and surplus to 200 percent. The final regulation also reduces the burden and complexity of the regulation and implements certain technical amendments in order to make it more readily understandable and somewhat shorter. Correction of Publication As published, the final regulation contains certain errors. Accordingly, the publication on February 24,1994 (59 FR 8831), ot th e final regulation, which was the subject of FR Doc. 94-3860, is corrected as follows: § 215.2 [Corrected] 1. On page 8838, in the first column, in § 215.2, in paragraph (c)(4), the phrase “paragraph (b)(2) of this section” is corrected to read “paragraph (c)(2) of this section”. 2. On page 8838, in th e first column, in § 215.2, in paragraph (d) introductory text, in the first sentence, the phrase “Director o f a m em ber bank means any director of a member bank” is corrected to read “Director o f a com pany or bank m eans any director of the company or bank” § 2 1 5.3 [Corrected] 3. On page 8839, in the first column, in § 215.3, in paragraph (b)(2), the word “ §215(4)(e)” is corrected to read “ § 215.4(e)". § 2 1 5 .4 an executive officer or director of the b a n k 3 ” is corrected to read “No member bank may pay an overdraft of an executive officer or director of the bank or executive officer or director of its affiliates3 ”, 5. On page 8840, in the second colum n, in § 215.4, in paragraph (e)(1). in footnote 3, in the second sentence, the phrase “executive officer, director, or principal shareholder of the membei bank” is corrected to read “executive officer, director, or principal shareholder of the member bank or executive officer, director, or principal shareholder of its affiliates”. [Corrected] 4. On page 8840, in the second colum n, in § 215.4, in paragraph (e)(1), introductory text, the phrase “No m ember bank may pay an overdraft of § 2 1 5 .5 [Corrected] ^ 6. On page 8840, in the third colum n, in § 215.5, in paragraph (b), the phrase “ paragraph (c)(3) of this section” is corrected each time it appears to read “ paragraph (c)(4) of this section”. 7. On page 8841, in the first column, in § 215.5, in paragraph (c)(4), the phrase “capital and unim paired su rplus” is corrected to read “unim paired capital and unim paired su rplus”. §215.11 [Corrected] 8. On page 8842, in the first column, in §215.11, in paragraph (h)(1). in the first sentence, the word “o f ’ as it appears before the word “$500,000” is corrected to read “ or”. Board of Governors of the Federal Reserve System, July 19,1994. W illia m W . W iles, Secretary of the Board. (FR Doc. 94-18125 Filed 7-25-94; 8:45 ami o o PRINTED IN NEW YORK, FROM FED ER AL REGISTER, VOL. 59, NO. 142, pp. 37930-37931
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