Board Actions

American Express Company, New York, New York, and American Express Travel Related Services Company, Inc.  -- to become bank holding companies on conversion of their industrial loan company, American Express Centurion Bank, Salt Lake City, Utah, to a bank; to retain certain nonbanking subsidiaries, including American Express Bank, FSB; and elections to become financial holding companies.
-Approved, November 10, 2008 

Dresdner Bank AG, Frankfurt, Germany, and its New York, New York, branch  -- issuance of a consent cease and desist order.
-Announced, November 13, 2008 

American International Group, Inc., New York, New York  -- authorization for the Federal Reserve Bank of New York to modify the credit facility established on September 16, 2008, for AIG and to establish two new lending facilities under section 13(3) of the Federal Reserve Act, and purchase by the Department of the Treasury of newly issued AIG preferred shares under the Troubled Asset Relief Program.
-Announced, November 10, 2008 

Term Auction Facility  -- forward TAF auction on November 10, 2008, in the amount of $150 billion in 17-day credit to provide term funding over year-end.
-Announced, November 10, 2008 

Interagency Real Estate Appraisal and Evaluation Guidelines  -- publication for comment of guidelines to address supervisory matters related to real estate appraisals and evaluations that support real estate-related financial transactions.
-Announced, November 13, 2008 

Interagency Statement on Meeting the Needs of Creditworthy Borrowers  -- statement encouraging banking organizations to lend to creditworthy borrowers, engage in capital planning, work with borrowers to avoid preventable foreclosures, and structure compensation incentives to support prudent lending and discourage excessive risk-taking.
-Announced, November 12, 2008 

Regulation GG (Prohibition on Funding of Unlawful Internet Gambling)  -- interagency final rule to implement the Unlawful Internet Gambling Enforcement Act of 2006.
-Announced, November 12, 2008