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F

ederal

Reserve

bank

of

Dallas

DALLAS. TEXAS 75222

Circular No. 81-19
January 22, 1981

NONBANK DEPOSITORY INSTITUTIONS ADVISORY GROUP

TO ALL DEPOSITORY INSTITUTIONS IN THE
ELEVENTH FEDERAL RESERVE DISTRICT:
The

Federal

Reserve

Board announced creation of a Nonbank

Depository Institutions Advisory Group composed of representatives from thrift
institutions, which will meet, periodically, four times annually with Board
members and staff to advise on implementation of the Monetary Control Act of
1980 and to confer on other economic and financial institution m atters.
Printed on the reverse of this circular is a copy of the Board's press
release relating to this action.
Sincerely yours,
William H. Wallace
First Vice President

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

FEDERALRESERVEpressrelease
Forimmediate release

December

19, 1980

The Federal Reserve Board today announced creation of a

Nonbank

Depository Institutions Advisory Group made up of nine representatives
from thrift institutions.
The panel includes six savings and loan officials, two mutual
savings bankers and one credit union representative.

It will meet,

periodically, four times annually with Board Members and staff to advise on
implementation of the Monetary Control Act of 1980 and to confer on other
economic and financial institution matters.
Under the Monetary Control Act of 1980, thrift institutions, for the
first

time, are required to report deposits and maintain reserves

with the

Federal Reserve on certain transactions accounts and nonpersonal time deposits.
Named as members were:
Mary A. Grigsby, President of Houston First American Savings'
Association, Houston, Texas;

Edwin B. Brooks, Jr., President of Security

Federal Savings and Loan Association, Richmond, Virginia;

Walter H. Kropp,

President of Franklin Federal Savings and Loan Association, Columbus, Ohio;
James F. Montgomery, President of Great Western Savings and Loan Association,
Beverly Hills, California;

Herbert M. Sandler, Chairman of the Board of World

Savings and Loan Association, Oakland, California;

Raleigh W. Greene,

Chairman of the Board and President of Florida Federal Savings and Loan
Association, St. Petersburg, Florida;

Robert W. Garver, President of

Charlestown Savings Bank, Boston, Massachusetts;
of Dime Savings Bank, New York, New York;

Harry W. Albright, President

and Vernon J. Dwyer, General

Manager of the Pentagon Federal Credit Union.

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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102