The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
327 X-9011 November 3 , 1934. Dear S i r : Consideration has been given to the report of the Federal Reserve Agents' Committee on Uniform Examination Charges adopted at the conference i n June, 1934, and the Board approves the f i r s t recommendation of the Committee, which reads as f o l l o w s : At l e a s t one regular examination of each S t a t e member bank, including i t s t r u s t department, s h a l l be made during each calendar year by examiners for Federal r e s e r v e banks e i t h e r independently or j o i n t l y vdtb State "banking authori t i e s . Under c e r t a i n circumstances more than one such examination annually may be d e s i r a b l e , i n which event the Federal reserve agents should be empowered to have an add i t i o n a l examination made. A copy of each report of exami n a t i o n s h a l l be furnished to each State member bank examined. The Board b e l i e v e s i t a d v i s a b l e , however, to defer a c t i o n on the question of general uniform charges u n t i l a f t e r completion of the examinations made i n connection xvith c e r t i f i c a t i o n s to the Federal Deposit Insurance Corporation, and t o continue i n e f f e c t u n t i l July 1, 1935, the i n s t r u c t i o n s regarding charges f o r examinat i o n s contain ..3d in the Board's l e t t e r of Mar eh 2, 1334, X-7910-a, which read as f o l l o w s : "it i s the Board's opinion that charges may properly be waived for exaniuations of State member bailee aade s o l e l y to develop the information rcq-dred f o r c e r t i f i c a t i o n t o the Federal Deposit Insurance Corporation, an! that i n such i n stances the q u e s t ! e n of waiving the charge should be l e f t to the determination of the Federal Reserve Agent. The Board f e e l s , however, that i n cases where the examination i s 36.9011 • mm mm regarded as a regular ex@,mi nation. of the nature for which charges have c o n s i s t e n t l y been made, the charge should not be waived simply because of the f a c t that the report of examination vzill serve as a basis for c e r t i f i c a t i o n t o the Federal Deposit Insurance Corporation. I t w i l l be appreciated i f you w i l l advise the Board of each case i n which a charge i s not made for the examination giving a concise statement of tlx, reasons why the charge was not rnadv i n the particular case," / I t i s assumed that p r a c t i c a l l y a l l of the examinations made between October 1, 1934, and July 1, 1935, vzill be used as a b a s i s f o r c e r t i f i c a t i o n to the Federal Deposit Insurance Corporation. The i n - structions i n the Board's l e t t e r dated July 36, 1930, X-6665, w i l l continue to apply to examinations other than for c e r t i f i c a t i o n purposes. I t i s believed that the instructions i n the tvo l e t t e r s are s u f f i c i e n t l y f l e x i b l e to provide for a l l circumstances. I t i s assumed a l s o that i n so far as p r a c t i c a b l e t h e Federal reserve agents w i l l obtain the cooperation of the State banking departments i n making j o i n t examinations, thereby minimising inconvenience and expense to the banks examined. Very truly yours, Chester Morrill, Secretary, TO ALL mEBM, £bSKBVE AGMTS.
@FedFRASER