[Federal Register Volume 62, Number 165 (Tuesday, August 26, 1997)]
[Proposed Rules]
[Pages 45177-45178]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-22680]


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FEDERAL RESERVE SYSTEM

12 CFR Part 250

[Miscellaneous Interpretations; Docket R-0977]


Applicability of Sections 23A and 23B of the Federal Reserve Act 
to Transactions Between a Member Bank and its Subsidiaries

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Proposed rule; Extension of comment period.

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SUMMARY: On July 3, 1997 (62 FR 37744, July 15, 1997), the Board 
requested comment on a proposal to apply sections 23A and 23B to 
transactions between a member bank and any subsidiary that engages in 
activities that are impermissible for the bank itself and that Congress 
has not previously exempted from coverage by section 23A. In response 
to requests for an extension of the comment period, the Secretary of 
the Board, acting pursuant to delegated authority, has extended the 
comment period from September 3, 1997 to October 3, 1997.

DATES: Comments must be submitted on or before October 3, 1997.

ADDRESSES: Comments, which refer to Docket No. R-0977, may be mailed to 
Mr. William W. Wiles, Secretary, Board of Governors of the Federal 
Reserve System, 20th Street and Constitution Avenue, N.W., Washington, 
D.C. 20551. Comments address to Mr. Wiles also may be delivered to the 
Board's mail room between 8:45 a.m. and 5:15 p.m. and to the security 
control room outside of those hours. Both the mail room and the 
security control room are accessible

[[Page 45178]]

from the courtyard entrance on 20th Street between Constitution Avenue, 
and C Street, N.W. Comments may be inspected in Room MP-500 between 
9:00 a.m. and 5:00 p.m. weekdays, except as provided in Sec. 261.8 of 
the Board's Rules Regarding Availability of Information, 12 CFR 261.8.

FOR FURTHER INFORMATION CONTACT: Gregory Baer, Managing Senior Counsel 
(202/452-3236), Pamela G. Nardolilli, Senior Attorney (202/452-3289), 
or Deborah M. Awai, Senior Attorney (202/452-3594), Legal Division or 
Roger T. Cole, Deputy Associate Director (202/452-2618), Banking 
Supervision and Regulation or Molly S. Wassom, Assistant Director, 
Banking Supervision and Regulation (202/452-2305), Board of Governors 
of the Federal Reserve. For the hearing impaired only, 
Telecommunications Device of the Deaf (TDD), Diane Jenkins (202/452-
3254).

SUPPLEMENTARY INFORMATION: The Board is extending the comment period on 
the proposed rule regarding the applicability of sections 23A and 23B 
to certain subsidiaries published on July 15, 1997 at 62 FR 37744 to 
give the public additional time to comment on the proposal.
    By order of the Secretary of the Board, acting pursuant to 
delegated authority for the Board of Governors of the Federal Reserve 
System, August 20, 1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-22680 Filed 8-25-97; 8:45 am]
BILLING CODE 6210-01-P