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FE D E R A L R E S E R V E BAN K O F NEW Y O R K AT- ( O b V b June 25, 1993 CL GUIDE TO EQUAL OPPORTUNITY LENDING To the C hief Executive Officers o f A lt State M ember Banks and Bank Holding Compnies in the Second Federal Re s a v e Distnct, and Others Concerned: E nclosed is a copy o f a new publication entitled "Closing the Gap: A G uide to Equal O pportunity Lending," published by the Federal R eserve Bank o f B oston. D ev elop ed in cooperation with lending institutions and consum er groups, this publication offers a com prehensive program for lenders who seek to ensure that all m ortgage loan applicants are treated fairly and to expand their m arkets to reach a m ore diverse custom er base. T he recom m endations offered are intended as guidelines to assist financial institutions in form ulating effective stategies for equal opportunity in lending. Q uestions concerning this m atter may be directed to E lizabeth IrwinM cCaughey, M anager o f our C om pliance E xam inations D epartm en t (T el. N o. 212720-6820). C h e s t e r B. F e l d b e r g . Executive Vice President FEDERAL RESERVE BANK OF NEW YORK /)-/ ' /£>6 V Z>(hD June 25, 1993 To t h e C h i e f E x e c u t i v e O f f i c e r o f t h e Member Bank A d d r e s s e d : As y o u k n o w , e a c h y e a r member b a n k s a r e a s k e d t o p a r t i c i p a t e i n an e l e c t i o n t o f i l l v a c a n c i e s on t h i s B a n k ' s b o a r d o f d irecto rs. F o r t h i s p u r p o s e , member b a n k s a r e g r o u p e d i n t o t h r e e c a t e g o r i e s , b a s e d on t h e a m o u n t o f t h e i r c a p i t a l a n d s u r p l u s , s o t h a t e a c h member b a n k i s e l i g i b l e t o p a r t i c i p a t e i n s u c h an e l e c t i o n once every th r e e y e a r s . Th e p r o c e d u r e s f o r e l e c t i n g d i r e c t o r s a r e m a n d a t e d b y t h e F e d e r a l R e s e r v e A c t a nd t h e B o a r d o f G o v e r n o r s o f t h e F e d e r a l R e s e r v e S y s t e m , and r e q u i r e s t r i c t c o m p l i a n c e w i t h d e t a i l e d r u l e s , u s u a lly under t i g h t d e a d lin e s . I n an e f f o r t t o f a c i l i t a t e t h i s p r o c e s s and t o a s s u r e t h a t i n s t r u c t i o n s and f o r m s a r e s e n t t o t h e p r o p e r o f f i c e r a t y o u r b a n k d u r i n g an e l e c t i o n , we w o u l d lik e to e s t a b lis h a p erso n a liz ed m ailin g l i s t — c o n s is t in g of t h e n a m e s o f t h e o f f i c e r s who a r e r e s p o n s i b l e f o r t a k i n g a c t i o n i n s u c h e l e c t i o n s - - w h i c h we w o u l d u s e i n c o m m u n i c a t i n g w i t h y o u r bank w i t h r e g a r d t o i n s t r u c t i o n s and fo r m s d u r i n g t h e c o u r s e o f an e l e c t i o n . A c c o r d i n g l y , we w o u l d a p p r e c i a t e i t i f y o u w o u l d i n d i c a t e , on t h e r e v e r s e s i d e o f t h i s l e t t e r , t h e n am e, m a i l i n g a d d r e s s , an d t e l e p h o n e nu m be r o f t h e o f f i c e r a t y o u r b a n k who w i l l t a k e a c t i o n on y o u r b a n k ' s b e h a l f i n e l e c t i o n s o f t h i s B a n k ' s d i r e c t o r s (a member b a n k ' s C o r p o r a t e S e c r e t a r y o r l e g a l o f f i c e r t y p i c a l l y perform s such d u t i e s ) . P l e a s e r e t u r n t h i s form , by J u l y 1 5 . t o Edward R o o n e y , S e c r e t a r y ' s O f f i c e , F e d e r a l R e s e r v e Bank o f New Y o r k , 33 L i b e r t y S t r e e t , New Y o r k , NY 1 0 0 4 5 . H e r e a f t e r , p l e a s e n o t i f y us o f any change in t h i s r e s p o n s i b i l i t y as i t occurs. RONA B. STEIN, A ssista n t Secretary. (OVER) Liaison Officer for Elections of Directors of the Federal Reserve Bank of New York (P lease type or p r in t) D ate: Name a n d a d d r e s s Name o f L ia iso n o f member b a n k : O fficer: T i t l e : ________________ A d d r e s s : _____________ T e l e p h o n e Number: APPROVED BY: ____________ (P rin t) (T itle) (S ign atu re) RETURN, BY JULY 15, TO: EDWARD ROONEY ROOM 1120 FEDERAL RESERVE BANK OF NEW YORK 33 LIBERTY STREET NEW YORK, NY 10045