Circular
Proposed Amendments To Regulation H; Proposed Rescission Of Regulation P
April 11, 1997
Circular No. 10939

Comments Requested by May 30, 1997

To All State Member Banks and Others Concerned in the Second Federal Reserve District:

The following is from a statement issued by the Board of Governors of the Federal Reserve System:

The Federal Reserve Board has requested comment on proposed amendments to Regulations H and P.

Comment is requested by May 30, 1997.

The amendments to Regulation H would remove outdated material, update and reorganize the remaining material and incorporate provisions designed to reduce burden on State member banks.

In addition, the provisions of Regulation P, regarding State member security procedures, have been incorporated into Regulation H. These changes should make it easier for banks to understand the wide variety of provisions that they must comply with and to make it easier for them to locate provisions.

The text of the Board's proposal, as published in the Federal Register of March 31, 1997 is available as a (pdf) file. Comments thereon should be submitted by May 30, 1997 and may be sent to the Board, as specified in the notice, or, at this Bank, to any member of your portfolio management team in the Bank Supervision Group.