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FEDERAL RESERVE BANK OF NEW YORK Circular No. 8 9 8 9 December 31, 1980 N O N B A N K D E P O S IT O R Y IN S T IT U T IO N S A D V IS O R Y G R O U P To All Depository Institutions, and Others Concerned, in the Second Federal Reserve District: The Board of Governors of the Federal Reserve System has announced the establishment of a Nonbank Depository Institutions Advisory Group, comprising nine representatives from thrift institutions. The following is quoted from the text of a statement issued by the Board of Governors: 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 A ct of 1980 and to confer on other economic and financial institution matters. Under the Monetary Control A ct 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, Houston First A m erican Savings Association, Houston, Texas; Edwin B. Brooks, Jr., President, Security Federal Savings and Loan Association, Richmond, Virginia: W alter H. Kropp, President, Franklin Federal Savings and Loan Association, Columbus, Ohio; James F. Montgomery, President, Great Western Savings and Loan Association, Beverly Hills, California: Herbert M. Sandler, Chairman of the Board, W orld Savings and-Loan Association, Oakland, California: Raleigh W. Greene, Chairman of the Board and President, Florida Federal Savings and Loan Association, St. Petersburg, Florida; Robert W. Garver, President, Charlestown Savings Bank, Boston, Massachusetts; Harry W. Albright, President. Dime Savings Bank, New York, New York; Vernon J. Dwyer, General Manager, Pentagon Federal Credit Union. Additional copies of this circular will be furnished upon request. A nthony M. S o l o m o n , President
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