Board Actions

Actions taken during the week ending December 13, 2008

Bank Holding Companies

Banco Santander, S.A., Madrid, Spain -- to acquire Sovereign Bancorp, Inc., Philadelphia, Pennsylvania, and thereby acquire its subsidiary federal savings bank, Sovereign Bank, Wyomissing.
-Approved, December 9, 2008

Banks, Foreign

China Construction Bank Corporation, Beijing, China -- to establish a branch in New York, New York.
-Approved, December 8, 2008

Currency

Federal Reserve Notes -- new currency budget for 2009.
-Approved, December 9, 2008

Enforcement

Community Investment Services, Inc., North Branch, Minnesota -- written agreement with the Federal Reserve Bank of Minneapolis.
-Announced, December 11, 2008

Monetary and Financial Policy

Term Auction Facility -- TAF auctions in the amount of $150 billion each in 28-day credit on January 12 and 84-day credit on January 26, 2009.
-Announced, December 9, 2008

Regulations And Policies

Government Accountability Office -- interagency response to the GAO report "Risk-Based Capital:� New Basel II Rules Reduced Certain Competitive Concerns, but Bank Regulators Should Address Remaining Uncertainties."
-Approved, December 8, 2008

Government Accountability Office -- response to the GAO report "Private Equity: Recent Growth in Leveraged Buyouts Exposed Risks that Warrant Continued Attention."
-Approved, December 9, 2008