Final rule--amendment to Regulation A.The Board of Governors of the Federal Reserve System (Board) is amending 12 C.F.R. Pan 201, its Regulation A (Extensions of Credit by Federal Reserve Banks Federal Reserve Bank The banks that carry out Fed operations, including controlling the money supply and regulating member banks. There are 12 District Feds, headquartered in Boston, New York, Philadelphia, Cleveland, St. Louis, San Francisco, Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas.Notes: These banks are the operating arms of the central bank.). 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 a footnote 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 10, 2003, 12 C.F.R. Part 201 is amended 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 for Part 201 continues to read as follows: Authority: 12 U.S.C. 248(i)-(j), 343 et seq 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 Section 1204, 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 Section 1204, et seq."., 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 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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