82-3

MEMORANDUM
MAY 10, 1982
TO: R. DOMINGUEZ
R. CAMERON
J. PAULUS
K. QUENNEVILLE
FROM: H. DOYLE
RE: POINT‑OF‑SALE TERMINALS
FILE:
Today, I advised ________ of ________ that our current position is that we do not consider the establishment of merchant/vendor electronic point‑of‑sale terminals involving the electronic transfer of funds to facilitate a cash transaction to be the business of accepting deposits, and at this time would not interpose objection or take jurisdiction over point‑of‑sale terminals.
________ indicated that he would forward to us an outline of bank’s proposal for informational purposes.