Final rule--amendment to Regulation A.The Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. (Board) is amending 12 C.F.R. Pan 201, its Regulation A (Extensions of Credit by Federal Reserve Banks). The Board has adopted final amendments to its Regulation A to reflect the Board's approval of a decrease in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically decreased by formula as a result of the Board's primary credit rate action. In addition, the Board is inserting in·sert tr.v. in·sert·ed, in·sert·ing, in·serts 1. To put or set into, between, or among: inserted the key in the lock. See Synonyms at introduce. 2. a footnote Text that appears at the bottom of a page that adds explanation. It is often used to give credit to the source of information. When accumulated and printed at the end of a document, they are called "endnotes." to section 201.51 clarifying that the rates described in that section apply to both advances and discounts made under the primary, secondary, and seasonal credit programs. The Board's amendments also correct a typographical error typographical error - (typo) An error while inputting text via keyboard, made despite the fact that the user knows exactly what to type in. This usually results from the operator's inexperience at keyboarding, rushing, not paying attention, or carelessness. Compare: mouso, thinko. in section 201.51(c). Effective July July: see month. 10, 2003, 12 C.F.R. Part 201 is amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. as follows. The rate changes for primary and secondary credit were effective on the dates specified in 12 C.F.R. 201.51, as amended. Part 201--Extensions of Credit by Federal Reserve Banks 1. The authority citation Citation (foaled 1945) U.S. Thoroughbred racehorse. In four seasons he won 32 of 45 races, finished second in ten, and third in two. He won the 1948 Triple Crown, and became the first horse to win $1 million. He set a world record in 1950 by running a mile in 1:33 3/5. for Part 201 continues to read as follows: Authority: 12 U.S.C. 248(i)-(j), 343 et seq et seq. (et seek) n. abbreviation for the Latin phrase et sequentes meaning "and the following." It is commonly used by lawyers to include numbered lists, pages or sections after the first number is stated, as in "the rules of the road are found in Vehicle Code ., 347a, 347b, 347c, 348 et seq., 357, 374, 374a, and 461. 2. Section 201.51 is amended by revising paragraphs (a), (b), and (c) to read as follows: Section 201.51--Interest rates applicable to credit extended by a Federal Reserve Bank (1) (a) Primary credit. The interest rates for primary credit provided to depository institutions Depository institution A financial institution that obtains its funds mainly through deposits from the public. This includes commercial banks, savings and loan associations, savings banks and credit unions. under section 201.4(a) are: Federal Reserve Bank Rate Effective Boston 2.00 June 25, 2003 New York 2.00 June 25, 2003 Philadelphia 2.00 June 26, 2003 Cleveland 2.00 June 26, 2003 Richmond 2.00 June 26, 2003 Atlanta 2.00 June 26, 2003 Chicago 2.00 June 26, 2003 St. Louis 2.00 June 26, 2003 Minneapolis 2.00 June 26, 2003 Kansas City 2.00 June 25, 2003 Dallas 2.00 June 26, 2003 San Francisco 2.00 June 25, 2003 (b) Secondary credit. The interest rates for secondary credit provided to depository institutions under section 201.4(b) are: Federal Reserve Bank Rate Effective Boston 2.50 June 25, 2003 New York 2.50 June 25, 2003 Philadelphia 2.50 June 26, 2003 Cleveland 2.50 June 26, 2003 Richmond 2.50 June 26, 2003 Atlanta 2.50 June 26, 2003 Chicago 2.50 June 26, 2003 St. Louis 2.50 June 26, 2003 Minneapolis 2.50 June 26, 2003 Kansas City 2.50 June 25, 2003 Dallas 2.50 June 26, 2003 San Francisco 2.50 June 25, 2003 (c) Seasonal credit. The rate for seasonal credit extended to depository institutions under section 201.4(c) is a flexible rate that takes into account rates on market sources of funds. (1.) The primary, secondary, and seasonal credit rates described in this section apply to both advances and discounts made under the primary, secondary, and seasonal credit programs, respectively. |
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