Applicability of Sections 23A and 23B of the Federal Reserve Act to Transactions Between a Member Bank and its Subsidiaries

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On July 3, 1997 (62 FR 37744, July 15, 1997), the Board requested comment on a proposal to apply sections 23A and 23B to transactions between a member bank and any subsidiary that engages in activities that are impermissible for the bank itself and that Congress has not previously exempted from coverage by section 23A. In response to requests for an extension of the comment period, the Secretary of the Board, acting pursuant to delegated authority, has extended the comment period from September 3, 1997 to October 3, 1997.