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FEDERAL RESERVE BOARD WASHINGTON X-3954 January 24, 1924. SUBJECT: Examination of State Member Banks. Dear Sir: I am directed to advise you that the Federal Reserve Board concurs in the following resolution adopted at the recent conference of Federal Reserve Agents: "We believe it to be essential that the closest cooperation exist between the executive departments of Federal Reserve Banks and the State Banking Commissioners. We also believe that as a matter of good faith with our State member banks and in order to be prepared to extend credit intelligently, credit investigations of State member banks We believe, too, that these should be regularly conductedcredit investigations, whenever possible, should be made at the same time that State examiner is examining the bank; first, because of the desirability of cooperation; second, because more information can be obtained at less cost; third, because the bank should not needlessly be subjected to additional visits of examiners. We believe also that where special examinations other than credit investigations are made of member State banks the charge for such examination made by the Ibderal Reserve Bank should not exceed the fee that would be charged by the Comptroller of the Currency if the institution were a National Bank." With regard to that portion of the resolution which refers to the cha_rg9 which should be made against State member banks for examinations, your attention is directed to the Board1s letter of December 22, 1923, X-3924. Very truly yours, Walter L. Eddy, Secretary. TO CHAIRMEN OF ALL 3EDERAL RESERVE BANES*
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