For immediate release

The Federal Reserve Board today extended the comment period from September 3, l997, to October 3, l997, on its proposal to apply sections 23A and 23B of the Federal Reserve Act 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. The extension is granted to give the public additional time to comment on the proposal. The Board's notice is attached.

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 SUMMARY: On July 3, 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 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 � 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. (signed) William W. Wiles William W. Wiles Secretary of the Board

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1997 Banking and consumer regulatory policy