|For immediate release|
The Federal Reserve Board is seeking public comment on a proposed new Regulation W to comprehensively implement sections 23A and 23B of the Federal Reserve Act. The Board voted to issue the proposed rule at its meeting on May 2, 2001.
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.
The proposed rule will be published in the Federal Register. Comment is requested by August 15, 2001.
The Board's notice is attached.
2001 Banking and consumer regulatory policy