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February 24, 1940. The Board a u t h o r i z e s i t s r e p r e s e n t a t i v e s t o j o i n v,ith the r e p r e s e n t a t i v e s o f the Federal Deposit Insurance. C o r p o r a t i o n , The Treasury, and t h e C o m p t r o l l e r o f the Currency, i n agreeing upon the proposed requirements o f t h e C o m p t r o l l e r o f the Currency and i n p r e s e n t i n g a u n i t e d f r o n t i n support o f these requirements. The Board, however, requests i t s r e p r e s e n t a t i v e s to advise the C o m p t r o l l e r o f the Currency t h a t the Board f e e l s t h a t the proposed requirements should not be allowed to f a i l i n case The Bank o f America i s u n w i l l i n g t o agree to the requirement o f $6,900,000 i n paragraph 2, but i s w i l l i n t o accept e requirement o f some o t h e r amount i n l i e u t h e r e o f which i s not l e s s than $5,000,000. I n connection w i t h t h i s a c t i o n , t h e Board understands t h a t i f t h e r e p r e s e n t a t i v e s o f these agencies should agree upon any m e t e r i a l m o d i f i c a t i o n o f the C o m p t r o l l e r ' s requirements, m a t t e r w i l l be brought back t o the Board f o r f u r t h e r tion. the considera-
@FedFRASER