Miscellaneous Regulatory Changes - Circulars - FEDERAL RESERVE BANK of NEW YORK

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Circular

Miscellaneous Regulatory Changes

June 7, 1996

Circular No. 10852

- Withdrawal of Proposal to Amend Staff
Commentary to Regulation DD, "Truth in Savings"

- Proposal to Abolish Regulation V,
"Loan Guarantees for Defense Production"

To All Member Banks and Bank Holding Companies in the Second Federal Reserve District and Others Concerned:

Regulation DD, "Truth in Savings"

The following statement was issued by the Board of Governors of the Federal Reserve System:

The Federal Reserve Board withdrew proposed amendments to its commentary on Regulation DD (Truth in Savings) that were originally issued for public comment December 6.

The proposed revisions generally would have provided guidance on technical matters such as the effect of a leap year on the calculation of interest, the annual percentage yield and the annual percentage yield earned.

Based on the approximate 50 comments received and further analysis, the Board decided to withdraw the proposal because of the narrow scope and added regulatory burden of the guidance. The Board felt sufficient guidance is provided by the exiting commentary.

The text of the Board's official notice in this matter, as published in the Federal Register of May 2. Questions on this matter may be directed to Janice A. Oser, Supervising Examiner, Compliance Examination Department.

Regulation V, "Loan Guarantees for Defense Production"

The Board of Governors of the Federal Reserve System is proposing to abolish its Regulation V, "Loan Guarantees for Defense Production," as obsolete.

The text of the Board's proposal, is printed in the Federal Register of May 28. Comments thereon must be submitted by July 29, 1996, and sent to the Board as specified in the notice.

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