Board Actions

Actions taken during the week ending August 2, 2008

Banks, Foreign

International Bank of Azerbaijan, Baku, Azerbaijan -- to establish a representative office in New York, New York.
-Approved, July 31, 2008

Monetary and Financial Policy

Existing Liquidity Facilities -- enhancements to the Federal Reserve's existing liquidity facilities, including extension of the Term Securities Lending Facility (TSLF) (approved jointly with the FOMC) and the Primary Dealer Credit Facility (approved by the Board) through January 30, 2009; introduction of auctions of options on draws on the TSLF (approved by the FOMC); introduction of 84-day Term Auction Facility (TAF) loans as a complement to 28-day TAF loans (approved by the Board); and increase in the Federal Reserve's swap line with the European Central Bank (approved by the FOMC).
-Announced, July 30, 2008

Testimony And Statements

Credit Scoring and Fair Lending -- statement by Sandra F. Braunstein, Director of the Division of Consumer and Community Affairs, to the Subcommittee on Oversight and Investigations, Committee on Financial Services, U.S. House of Representatives, regarding the nexus between the efforts of the Board to combat credit discrimination and the use by lenders of credit scoring systems to evaluate consumers' credit risk.
-Submitted, July 28, 2008