Full text of Marriner S. Eccles Papers : Extract from Minutes of the Board, Meeting of February 6, 1942, Box 19, Folder 2, Item 2

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EXTRACT FROM MINUTES OF THE BOABD,
MEETING OF FEBRUARY 6 , 19A2

Mr. McKee s t a t e d t h a t , when the m a t t e r was t a k e n up w i t h Messrs.
Crowley and Delano, he and Chairman Eccles met w i t h them and reviewed
t h e e n t i r e s i t u a t i o n , i n c l u d i n g the reasons f o r t h e p o l i c y o f the o f f i c e o f t h e Comptroller o f t h e Currency o f not approving the request
o f Bank o f America N a t i o n a l T r u s t & Savings A s s o c i a t i o n f o r permission
t o e s t a b l i s h a d d i t i o n a l branches.

A t t h a t meeting, he s a i d , t h e r e was

unanimous agreement t h a t the t h r e e Federal s u p e r v i s o r y agencies should
adopt a u n i f o r m p o l i c y o f r e f u s i n g t o g r a n t permission f o r t h e a c q u i s i t i o n o r establishment o f a d d i t i o n a l banking o f f i c e s o r any s u b s t a n t i a l
i n t e r e s t t h e r e i n by Bank o f America N a t i o n a l T r u s t & Savings A s s o c i a t i o n ,
Transamerica C o r p o r a t i o n , o r any o t h e r u n i t under the d i r e c t o r i n d i r e c t
c o n t r o l o f Transamerica C o r p o r a t i o n , and t h a t i f t h a t d i d not meet t h e
s i t u a t i o n t h e t h r e e agencies should undertake t o prepare l e g i s l a t i o n
which would p r o h i b i t f u r t h e r expansion o f bank h o l d i n g companies.

In

t h i s connection, r e f e r e n c e was made t o l e g i s l a t i o n now pending i n Congress which would go so f a r as t o r e q u i r e d i s s o l u t i o n o f bank h o l d i n g
companies.
Mr, McKee a l s o s a i d t h a t Mr, Delano had s t a t e d t h a t permission
had been g i v e n t o the Bank o f America N a t i o n a l T r u s t and Savings Assoc i a t i o n t o e s t a b l i s h branches i n 12 d i f f e r e n t l o c a l i t i e s , w i t h the und e r s t a n d i n g i n each case t h a t a branch i n another l o c a t i o n would be
d i s c o n t i n u e d , and t h a t i t was the p o l i c y o f h i s o f f i c e i n a l l cases
t o disapprove a p p l i c a t i o n s o f the n a t i o n a l bank f o r permission t o est a b l i s h a d d i t i o n a l branches.