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0440 A meeting of the Board of Governors of the Federal Reserve System yftte_ held in WashinF,ton on Saturday, August 28, 1943, at 11:00 a.m. PRESENT: MT. Mr. Mr. MT. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak Draper Evans Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinatter ' 4erred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Fed- Reserve the re System held on August 27, MeMorandum dated August 27, 1943, were approved unanimously. 1943, from. Ur. Morrill, submitting signation of Mrs. Maude Ellis as a charwoman in the Secretary's Orrice 'to become effective as of the close of business on September 17, 1943, and re commending that the resignation be accepted as of that date. The resignation was accepted. CTON Letter to the board of directors of the "Lockport Exchange Trust e T $ - subject to conditions of mem- ockport, New York, stating that, ber,shi P numbered to 6 contained in the Board's Regulation H, the Board .13121rolze 8 the bank's application for membership in the Federal Reserve Systot. 0100 f °I' the appropriate amount of stock in the Federal Reserve Bank "Ileviyorks ‘,,,-t,t3, 2 8/28/43 -2Approved unanimously, together With a letter to Mr. Sproul, President Of the Federal Reserve Bank of New York, reading as follows: "The Board of Governors of the Federal Reserve System apProYes the application of the 'Lockport Exchange Trust CompaIc!IJ)T Lockport, New 'York, for membership in the Federal Reserve !Stem, subject to the conditions prescribed in the enclosed re e uter which you are reQuested to forward to the Board of Dienet " 8 of the institution. Two copies of such letter are also : y ilosed, one of which is for your files and the other of which are requested to forward to the Superintendent of Banks for "e State of New York for his information. _c "Standard condition of membership numbered 6 has been pre4;nribed in order that its provisions may be invoked at any time co !he future if necessary, but as in other cases and in acWith the general authorization previously granted by di.013°ard, you are authorized to waive compliance with the conn until further notice insofar as the condition applies to which are given statutory preference in the State of New '-orkot Ilemrandum dated August 25, 1943, from Mr. Ransom and Mr. Parry, _ _ or the Division of Security Loans, submitting and recommending the "optio hti, 4) effective immediately and for the reasons stated in the memoran- Of the ol101 Amendment No. 10 to legulation 11,T, Consumer Credit: "Amendment No. 10 to Regulation W "Reguitit • lon W is hereby amended in the following respects, err_ vutive September 1, 1943: fll. bY striking out the figure 5.00 in section 5(f) and inserti 5(1 ag in lieu thereof the fies;ure 0.0.00 so that section ,1 i Will read as follows: (f) 'Authorization' 91 Small Items. - In case a Regmakes a chfirge sale of a listed article the cash Price of which is $10.00 or less, he shall not be deemed to have violated section 5(b) if the person authorizing such sale on behalf of the Registrant acts in good faith Without knowledge that the customer's charge account is i n1 , 1 default, provided the Registrant, promptly upon dis-'verY that such charge account is in default and in event Within 15 days from the date of sale, makes a rerluest of the customer that he either return the article or else pay for it in full immediately. 8/28/43 -3"2. By adding at the end of the first paragraph of section 12(10 entitled 'Cycle Billing' the following sentence: Such provisions shall be applicable also to any Registrant who shall have established such a system after having received from the Federal Reserve Bank of his district a notification which is still in force stating that the Federal Reserve Bank is satisfied (1) that the eYstem is intended to effectuate operating economies With respect to manpower or office machinery and (2) that its adoption is not for the purpose of circumventing this regulation." The amendment was adopted by unanimous vote, to become effective on September 1, 1943, with the understanding that the Federal Reserve Panics would be advised by wire of the Board's action and would be requested to have the amendment printed and distributed to interested persons, and that on August 30, 1943, a statement in the The attached to the memorandum would be given to the press for immediate release. Thereupon the meeting adjourned. APPr Chairman.
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