TO THE OFFICER IN CHARGE OF SUPERVISION AT EACH FEDERAL RESERVE BANK
On September 23, 1994, President Clinton signed the
Riegle Community Development and Regulatory Improvement Act of
1994 which contains provisions to reduce regulatory burden.
Section 308 of this Act repeals the portion of Section 9 of the
Federal Reserve Act that required state member banks to publish
their Reports of Condition (i.e., those presented in Federal
Financial Institutions Examination Council (FFIEC) reports
numbered FFIEC 031-034). Board staff is in the process of
amending Section 208.10 of the Board's Regulation H to bring it
into conformance with this change in the law.
The federal requirement that state member banks must
publish their Reports of Condition terminated with the
President's signing of the legislation. Please inform each state
member bank in your District that they are no longer required, by
Federal Law, to publish their Reports of Condition, including
their September 30, 1994 Reports.
Some state member banks may still be required to
publish their Reports of Condition under state law. Accordingly,
state member banks should be instructed to refer to the laws of
the state in which they are chartered or to their state
supervisory authority to determine whether they are subject to
such requirements. In addition, state member banks will continue
to be required, under section 208.17 of the Board's Regulation H,
to advise shareholders, customers, and the general public of the
availability of year-end Reports of Condition and Income and
other financial information.
A draft of a letter you may wish to send to state
member banks to inform them of this change in federal
requirements pertaining to the publication of Reports of
Condition is attached.
Any questions on this guidance should be directed to
Nancy Rawlings at (202) 452-3059.
Director
ATTACHMENT TRANSMITTED ELECTRONICALLY BELOW
[TO THE CHIEF EXECUTIVE OFFICER OF EACH STATE MEMBER BANK IN YOUR DISTRICT]
On September 23, 1994, President Clinton signed the Riegle
Community Development and Regulatory Improvement Act of 1994
which contains provisions to reduce regulatory burden. Section
308 of this Act repeals the portion of Section 9 of the Federal
Reserve Act that required state member banks to publish their
Reports of Condition (i.e., those presented in Federal Financial
Institutions Examination Council (FFIEC) reports numbered FFIEC
031-034). Staff of the Federal Reserve Board is in the process
of amending Section 208.10 of the Board's Regulation H to bring
it into conformance with this change in the law.
The federal requirement that state member banks must publish
their Reports of Condition terminated with the President's
signing of the legislation. Accordingly, your bank is no longer
required, by Federal Law, to publish its Reports of Condition,
including the September 30, 1994 Report.
It is important to note that your bank may still be required
to publish its Reports of Condition under state law. Please
refer to the laws of the state in which your bank is chartered or
to your state supervisory authority to determine whether your
bank is subject to such a requirement. In addition, your bank
will continue to be required, under Section 208.17 of the Board's
Regulation H, to advise its shareholders, customers, and the
general public of the availability of year-end Reports of
Condition and Income and other financial information.
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