[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: 12CFR262.2]

[Page 725-726]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 262--RULES OF PROCEDURE--Table of Contents
 
Sec. 262.2  Procedure for regulations.

    (a) Notice. Notices of proposed regulations of the Board of 
Governors of the Federal Reserve System (the ``Board'') or amendments 
thereto are published in the Federal Register, except as specified in 
paragraph (e) of this section or otherwise excepted by law. Such notices 
include a statement of the terms of the proposed regulations or 
amendments and a description of the subjects and issues involved; but 
the giving of such notices does not necessarily indicate the Board's 
final approval of any feature of any such proposal. The notices also 
include a reference to the authority for the proposed regulations or 
amendments and a statement of the time, place, and nature of public 
participation.
    (b) Public participation. The usual method of public submission of 
data, views, or arguments is in writing. It is ordinarily preferable 
that they be sent to the Secretary of the Board, Washington, DC 20551, 
with copies to the appropriate Federal Reserve Bank. The locations of 
the 12 Federal Reserve Banks and the boundaries of the Federal Reserve 
districts are shown in the appendix to the Board's rules of 
organization. Such material will be made available for inspection and 
copying upon request, except as provided in Sec. 261.6(b) of this 
chapter regarding availability of information.
    (c) Preparation of draft and action by Board. In the light of 
consideration of all relevant matter presented or ascertained, the 
appropriate division of the Board's staff, in collaboration with other 
divisions, prepares drafts of proposed regulations or amendments, and 
the staff submits them to the Board. The Board takes such action as it 
deems appropriate in the public interest. Any other documents that may 
be necessary to carry out any decision by the Board in the matter are 
usually prepared by the Legal Division, in collaboration with the other 
divisions of the staff.
    (d) Effective dates. Any substantive regulation or amendment thereto 
issued by the Board is published not less than 30 days prior to the 
effective date thereof, except as specified in paragraph (e) of this 
section or as otherwise excepted by law.
    (e) Exceptions as to notice or effective date. In certain 
situations, notice and public participation with respect to proposed 
regulations may be impracticable, unnecessary, contrary to the public 
interest, or otherwise not required in the public interest, or there may 
be reason and good cause in the public interest why the effective date 
should not be deferred for 30 days. The reason or reasons in such cases 
usually are that such notice, public participation, or deferment of 
effective date would prevent the action from becoming effective as 
promptly as necessary in the public interest, would permit speculators 
or others to reap unfair profits or to interfere with the Board's 
actions taken with a view to accommodating commerce and business and 
with regard to their bearing upon the general credit situation of the 
country, would provoke other consequences contrary to the public 
interest, would unreasonably interfere with the Board's necessary 
functions with respect to management or personnel, would not aid the 
persons affected, or would otherwise serve no useful purpose. The 
following may be mentioned as some examples of situations in which 
advance notice or deferred effective date, or both, will ordinarily be 
omitted in the public interest: The review and determination of discount 
rates established by Federal Reserve Banks, and changes

[[Page 726]]

in general requirements regarding reserves of member banks, maximum 
interest rates on time and savings deposits, or credit for purchasing or 
carrying securities.

[38 FR 6807, Mar. 13, 1973, as amended at 54 FR 33183, Aug. 14, 1989]