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FLORIDA DEPARTMENT OF BANKING AND FINANCE AND FEDERAL RESERVE BANK OF ATLANTA AGREE ON EXAMINATIONS OF STATE-CHARTERED FEDERAL RESERVE BANKS

FLORIDA DEPARTMENT OF BANKING AND FINANCE AND FEDERAL RESERVE BANK OF ATLANTA AGREE ON EXAMINATIONS OF STATE-CHARTERED FEDERAL RESERVE BANKS
 TALLAHASSEE, Fla., July 6 /PRNewswire/ -- The Florida Department of Banking and Finance and the Federal Reserve Bank of Atlanta today announced an agreement calling for examinations of state-chartered Federal Reserve member banks on an alternating basis.
 The announcement was made by Florida Comptroller Gerald A. Lewis and Robert P. Forrestal, president of the Atlanta Reserve Bank.
 The 78 Florida state banks that are members of the Federal Reserve System will be covered by this new arrangement, and the state banking department and the Federal Reserve Bank will examine these institutions in alternating years, sharing information gathered in the examinations.
 This cooperative effort, effective immediately, will yield resource savings for both regulatory agencies and the banks involved as well as positive benefits for the affected banks. It represents another step in the direction of easing regulatory burden while maintaining the high quality of supervision provided by the banking authorities.
 The Federal Reserve Bank of Atlanta has entered into similar arrangements with state supervisory authorities in Alabama, Georgia, Louisiana and Tennessee.
 -0- 7/6/92
 /CONTACT: Terence P. McElroy of the Florida Office of Comptroller, 904-488-4844/ CO: Florida Department of Banking and Finance; Federal Reserve Bank of
 Atlanta; Florida Office of Comptroller ST: Florida, Georgia IN: FIN SU:


AW-JB -- FL005 -- 6673 07/06/92 14:09 EDT
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Publication:PR Newswire
Date:Jul 6, 1992
Words:235
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