[Federal Register Volume 59, Number 142 (Tuesday, July 26, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-18125]


[[Page Unknown]]

[Federal Register: July 26, 1994]


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FEDERAL RESERVE SYSTEM

12 CFR Part 215

[Regulation O; Docket Nos. R-0800 and R-0809]

 

Loans to Executive Officers, Directors, and Principal 
Shareholders of Member Banks; Loans to Holding Companies and 
Affiliates; Correction

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Corrections to final regulation.

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SUMMARY: This document 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 requirements and 
restriction on loans by a member bank to its insiders and to insiders 
of its affiliates.

EFFECTIVE DATE: July 19, 1994.

FOR FURTHER INFORMATION CONTACT: Gordon Miller, Attorney (202/452-
2534), Legal Division, Board of Governors of the Federal Reserve 
System, 20th and C Street, NW., Washington, DC 20551. For the hearing 
impaired only, Telecommunications for the Deaf (TDD), Dorothea Thompson 
(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), of the 
final regulation, which was the subject of FR Doc. 94-3860, is 
corrected as follows:


Sec. 215.2  [Corrected]

    1. On page 8838, in the first column, in Sec. 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 the first column, in Sec. 215.2, in paragraph 
(d) introductory text, in the first sentence, the phrase ``Director of 
a member bank means any director of a member bank'' is corrected to 
read ``Director of a company or bank means any director of the company 
or bank''


Sec. 215.3  [Corrected]

    3. On page 8839, in the first column, in Sec. 215.3, in paragraph 
(b)(2), the word ``Sec. 215(4)(e)'' is corrected to read 
``Sec. 215.4(e)''.


Sec. 215.4  [Corrected]

    4. On page 8840, in the second column, in Sec. 215.4, in paragraph 
(e)(1), introductory text, the phrase ``No member bank may pay an 
overdraft of an executive officer or director of the bank\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 
affiliates\3\''.
    5. On page 8840, in the second column, in Sec. 215.4, in paragraph 
(e)(1), in footnote 3, in the second sentence, the phrase ``executive 
officer, director, or principal shareholder of the member 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''.


Sec. 215.5  [Corrected]

    6. On page 8840, in the third column, in Sec. 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 Sec. 215.5, in paragraph 
(c)(4), the phrase ``capital and unimpaired surplus'' is corrected to 
read ``unimpaired capital and unimpaired surplus''.


Sec. 215.11  [Corrected]

    8. On page 8842, in the first column, in Sec. 215.11, in paragraph 
(b)(1), in the first sentence, the word ``of'' as it appears before the 
word ``$500,000'' is corrected to read ``or''.

Board of Governors of the Federal Reserve System, July 19, 1994.
William W. Wiles,
Secretary of the Board.
[FR Doc. 94-18125 Filed 7-25-94; 8:45 am]