To All Depository Institutions in the Second Federal Reserve District:

Effective October 1, 1998 --

• the Board of Governors of the Federal Reserve System revised Regulation H, Membership of State Banking Institutions in the Federal Reserve System. The revision removes outdated material, updates and reorganizes the remaining material, and incorporates provisions designed to reduce the regulatory burden on state member banks;

• the Board of Governors revised Regulation I, Issue and Cancellation of Federal Reserve Bank Capital Stock, in order to reduce the regulatory burden and to simplify, update, and modernize requirements; and

• the Board rescinded Regulation P, Security Procedures, which is no longer necessary since its procedures have been incorporated into Regulation H.

A copy of Part II of the Federal Register of July 13, which contains the official notices of these actions is available as a file (pdf - 229kb).

Contact:
Public Affairs
(212) 720-6130
general.info@ny.frb.org