FEDERAL RESERVE SYSTEM ISSUES PROPOSED RULE: REGULATION A: EXTENSIONS OF CREDIT BY FEDERAL RESERVE BANKS

WASHINGTON, May 26 -- Federal Reserve System has issued a proposed rule called: Regulation A: Extensions of Credit by Federal Reserve Banks.

The proposed rule was published in the Federal Register on May 26 by Benjamin W. McDonough, Secretary of the Board.

Summary: The Board of Governors of the Federal Reserve System (Board) proposes to amend its Regulation A (Extensions of Credit by Federal Reserve Banks) to specify that a holder of a proposed special-purpose payment account (a Payment Account) would not be eligible for access to discount window credit made available by the Federal Reserve Banks (Reserve Banks). The proposal would change neither the existing programs under which the Reserve Banks generally provide discount window credit ...