Final rule--amendment to Regulation A. (Legal Developments).The Board of Governors is amending 12 C.F.R. Part 201, its Regulation A and D (Extensions of Credit by Federal Reserve Banks). The Board is publishing final amendments to Regulation A to reflect its approval of the initial interest rates for extensions of primary and secondary credit. The 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. . These amendments supersede To obliterate, replace, make void, or useless. Supersede means to take the place of, as by reason of superior worth or right. A recently enacted statute that repeals an older law is said to supersede the prior legislation. the text of one section of the final rule that the Board approved on October October: see month. 31, 2002, and published in the Federal Register on January January: see month. 9, 2003. The new primary and secondary credit rates do not indicate a change in the stance of monetary policy. Effective January 9, 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: Part 201--Extensions of Credit by Federal Reserve Banks (Regulation A) 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 is revised 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(a) through (c) are revised to read as follows: Section 201.51--Interest rates applicable to credit extended by a Federal Reserve Bank. (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 2.25 January 9, 2003 New York 2.25 January 9, 2003 Philadelphia 2.25 January 9, 2003 Cleveland 2.25 January 9, 2003 Richmond 2.25 January 9, 2003 Atlanta 2.25 January 9, 2003 Chicago 2.25 January 9, 2003 St. Louis 2.25 January 9, 2003 Minneapolis 2.25 January 9, 2003 Kansas City 2.25 January 9, 2003 Dallas 2.25 January 9, 2003 San Francisco 2.25 January 9, 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 2.75 January 9, 2003 New York 2.75 January 9, 2003 Philadelphia 2.75 January 9, 2003 Cleveland 2.75 January 9, 2003 Richmond 2.75 January 9, 2003 Atlanta 2.75 January 9, 2003 Chicago 2.75 January 9, 2003 St. Louis 2.75 January 9, 2003 Minneapolis 2.75 January 9, 2003 Kansas City 2.75 January 9, 2003 Dallas 2.75 January 9, 2003 San Francisco 2.75 January 9, 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. |
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