BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
DIVISION OF BANKING
SUPERVISION AND REGULATION
SR 95-37 (SUP)
June 19, 1995
TO THE OFFICER IN CHARGE OF SUPERVISION
AT EACH FEDERAL RESERVE BANK
SUBJECT: Reporting of Loans to Executive Officers Public Law 90-44
Since the enactment of Public Law 90-44 on July 3, 1967, and as directed in Supervision letter S 2034, dated October 4, 1967, state member banks have been required to report the following information to the appropriate regional Reserve Bank:
- total number of loans and extensions of credit made to its executive officers since the June 30, 1967 report of condition;
- total amount of all such loans and extensions of credit;
- the range of interest rates charged.
After reviewing for possible Regulation O violations, the Reserve Banks were to aggregate the data, state the range of interest rates and prepare a summary statement which was to be forwarded to the Board in duplicate. Since the enactment of the law, this information has been reported in the Annual Report of the Board of Governors of the Federal Reserve System addressed to the Speaker of the House.
The three informational items discussed above can now be retrieved from Call Report data. Therefore, it will no longer be necessary for Reserve Banks to report aggregated data to the Board as required under S 2034. However, state member bank reports, required by Public Law 90-44, should continue to be reviewed by the Reserve Banks for preferential treatment, and any exceptions should be fully discussed with the management of the affected bank. Going forward, a summary of exceptions should be sent quarterly to the Board; however, if there are no exceptions, no report is required.
Stephen C. Schemering
Cross Reference: S 2034 October 4, 1967
SR letters | 1995