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Circular Letters

Circular Letter 5542

May 23, 2001

Subject: Proposed Regulation W

Summary:

The Federal Reserve Board is seeking public comment on a proposed new Regulation W that comprehensively implements sections 23A and 23B of the Federal Reserve Act. Sections 23A and 23B restrict loans by a bank to an affiliate, asset purchases by a bank from an affiliate, and other transactions between a bank and its affiliates. Regulation W would unify in one document various Board and staff interpretations issued over the years as well as several new interpretations of the statute. Until Regulation W is finalized, all previously issued valid Board and staff interpretations regarding sections 23A and 23B remain in effect.

Comment Requested: Comments on this proposal should refer to Docket No. R-1103 and be received on or before August 15, 2001, by Ms. Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, DC 20551 or mailed electronically to: regs.comments@federalreserve.gov.

Additional Information: The proposed regulation was published in the Federal Register on May 11, 2001. For further information, contact Pamela G. Nardolilli, Senior Counsel, 202-452-3289, or Mark Van Der Weide, Counsel, 202-452-2263, Legal Division; or Michael G. Martinson, Associate Director, 202-452-3640, or Molly Wassom, Associate Director, 202-452-2305, Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System, 20th Street, and Constitution Avenue, NW, Washington, DC 20551.

Press Release: http://www.federalreserve.gov/boarddocs/press/boardacts/2001/200105042/ External Link