The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Minutes of actions taken by the Board of Governors of the Federal Reserve System on Monday, October 30, 1950. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Szymczak Evans Vardaman Norton Powell Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary of Governors of the Minutes of actions taken by the Board were approved unanimously. Federal Reserve System on October 27, 1950, the Federal Reserve Bank Letter to Mr. Clarke, Secretary of Of New York, reading as follows: of October "Receipt is acknowledged of your letter ors of direct the 23, 1950, in which you advise that of visits m progra your Bank have approved a revised pursuant to abroad by members of your Bank's staff ant, Foreign issist which Mr. Walter S. Rushmore, Special ant Chief, Assist Department, and Mr. Edwin W. Carroll, for Canada of Foreign Department, will visit the Bank been has matter two weeks early in December. This has been brought to the attention of the Board and noted without objection." Approved unanimously. ation, Washington Letter to the Federal Deposit Insurance Corpor 25; D. C., reading as follows: the "Pursuant to the provisions of section 4(b) of ors Govern Federal Deposit Insurance Act, the Board of that of the Federal Reserve System hereby certifies a became the 'Pico Citizens Bank', Pico, California, member of the Federal Reserve System on October 23, 1950, and is now a member of the System. The Board of Governors of the Federal Reserve System further hereby 't 1 -2- 10/30/50 ssion "certifies that, in connection with the admi rve Rese ral of such bank to membership in the Fede g owin foll the System, consideratTon was given to ral the Fede of factors enumerated in section 6 Deposit Insurance Act: the bank, 1. The financial history and condition of e, ctur 2. The adequacy of its capital stru 3. Its future earnings prospects, 4. The general character of its management, y 5. The convenience and needs of the communit to be served by the bank, and 6. Whether or not its corporate powers are conFederal sistent with the purposes of the Deposit Insurance Act." Approved unanimously. ident of the Federal Reserve Telegram to Mr. DeMoss, Vice Pres Bank of Dallas, reading as follows: combination unit "Reurtel October 24 concerning p B lists Grou in Including a dishwasher. Item 6 ed artic3e list g any 'Combination units incorporatin p B'. Grou In the foregoing classifications of this is er incorporated Since in case you mention a dishwash ed article list in the combination unit it would be a in Group B." Approved unanimously. Federal Reserve Banks, Telegram to the Presidents of all reading as follows: of W, of In e from Department "Following receipt of clearanc enforcement of Regulation Justice on general plan of to the following heads letters were sent October 23 requesting cooperation supervisory agencies formally compliance: checking for Regulation W d Boar Bank Home Loan Unions Bureau of Federal Credit ation nistr 2idmi it Cred Farm Comptroller of the Currency Federal Deposit Insurance Corporation 10/30/50 -3- "A similar request was also sent to Mr. Jones of National Association of State Small Loan Supervisors and previously to Mr. Sparling of National Association of Supervisors of State Banks. We will write later when acknowledgements have been received." Approved unanimously. Telegram to the Presidents of all Federal Reserve Banks, l eading as follows: ' "Board's staff has told representative from WillysOverland Corporation informally that published interpretation summarized in Regulation W Service 916.1 applies to Willys 4x 473 station wagon. The vehicle has truck features including four-wheel drive but nevertheless is designed for passenger use." Approved unanimously. Telegram to Mr. Wotawa, General Auditor, Federal Reserve Bank Of St. Louis, reading as follows: "Retel October 27 inquiring whether the installation of a lateral sewer upon a surveyed plot of land Is the affixing of essential materials which are to be an integral part of the structure within meaning of 'no'." section 2(f) of Regulation X. The answer is Approved unanimously. Telegram to Mr. DeMoss, Vice President of the Federal Reserve Bezik of Dallas, reading as follows: "Retel October 23 inquiring whether an outstanding meets the test commitment issued by a mortgage broker Of a firm commitment under section 6(b)(1) of Regulation X if it is issued 'subject to approval by an insurance company for purchase of the mortgage'. On the basis of these facts alone, it is not apparent to us that there is in fact an agreement under which the mortgage broker Is required to extend credit upon demand by the borrower 1 f; 10/30/70 -Ii- I 'or upon compliance by the borrower with one or more conditions, as provided in section 6(b)(1)." Approved unanimously. the Federal Reserve Telegram to Mr. Slade, Vice President of Bank of San Francisco, reading as follows: of real "Relet October 21 concerning extensions s, State ns' Affair estate credit by Department of Vetera es X provid of California. Section 2(a) of Regulation g given that the term 'person' shall have the meanin it in section 702(a) of the Defense Production Act of to include 'the 1950; and 'person' is there defined other United States or any agency thereof, or any , or isions cal subdiv politi its of any government, or any agency of any of the foregoing'. Accordingly, such ns' Affairs, State agencies as the Department of Vetera the purposes of State of California, are 'persons' for tion contains no Regulation X, and since the regula Regulation X is applicable exemption for such agencies, to them if they are engaged in the business of extending real estate cref',it." Approved unanimously. all Federal Reserve Banks, Telegram to the Presidents of l'ea.ding as follows: provides that the "Section 6(b) of Regulation X not apply to or shall tion regula provisions of the to any firm nt pursua ed extend affect any credit to the effective prior made credit commitment to extend date of the regulation. ,iuestions have been raised provision where concerning the application of this effective date of the to prior firm commitments made to that date by uent subseq ed modifi the regulation are one named in the for er borrow new (1) substituting a the commitment, (2) increasing the amount which the in order to cover Registrant is committed to lend or (3) extending the costs, uction constr increases in is committed to make rant Regist the time within which n that such modifiopinio s Board' the loan. It is the 16.30 10/30/70 "cations result in new commitments made subsequent to the effective date of the regulation and that, accordingly, any extension of credit pursuant to such a modification of a prior commitment would not be exempt from Regulation X." Approved unanimously.
@FedFRASER