are there exemptions from regulation w requirements 
yes regulation w allows the federal reserve bank to permit exemptions but certain exemptions also require approval from the federal deposit insurance corporation fdic the bottom lineregulation w added to the federal reserve bank s alphabet regulations because it is the 23rd letter of the alphabet and the 23rd regulation governs covered transactions between a bank and its affiliates this is outlined in section 23a of the federal reserve act section 23a defines the kinds of companies that are bank affiliates it stipulates the kinds of transactions covered by this statute it also sets the quantifiable limitations on a bank s covered transactions with any single affiliate also with all collective affiliates finally it outlines collateral requirements for specific bank transactions with affiliates 