[Code of Federal Regulations]
[Title 12, Volume 3]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR261b.7]

[Page 722]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 261b--RULES REGARDING PUBLIC OBSERVATION OF MEETINGS--Table of Contents
 
Sec. 261b.7  Meetings closed to public observation under expedited procedures.

    (a) Since the Board and the Committee qualifies for the use of 
expedited procedures under subsection (d)(4) of the Act, meetings or 
portions thereof exempt under paragraph (a)(4), (a)(8), (a)(9)(i) or 
(a)(10) of Sec. 261b.5 of this part, will be closed to public 
observation under the expedited procedures of this section. Following 
are examples of types of items that, absent compelling contrary 
circumstances, will qualify for these exemptions: Matters relating to a 
specific bank or bank holding company, such as bank branches or mergers, 
bank holding company formations, or acquisition of an additional bank or 
acquisition or de novo undertaking of a permissible nonbanking activity; 
bank regulatory matters, such as applications for membership, issuance 
of capital notes and investment in bank premises; foreign banking 
matters; bank supervisory and enforcement matters, such as cease-and-
desist and officer removal proceedings; monetary policy matters, such as 
discount rates, use of the discount window, changes in the limitations 
on payment of interest on time and savings accounts, and changes in 
reserve requirements or margin regulations.
    (b) At the beginning of each meeting, a portion or portions of which 
is closed to public observation under expedited procedures pursuant to 
this section, a recorded vote of the members present will be taken to 
determine whether a majority of the members of the agency votes to close 
such meeting of portions of such meeting to public observation.
    (c) A copy of the vote, reflecting the vote of each member, and 
except to the extent such information is determined to be exempt from 
disclosure under Sec. 261b.5, a public announcement of the time, place 
and subject matter of the meeting or each closed portion thereof, will 
be made available at the earliest practicable time at the Board's Public 
Affairs Office and Freedom of Information Office.

[42 FR 13297, Mar. 10, 1977, as amended at 43 FR 34481, Aug. 4, 1978]

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