Board Actions

BB&T Corporation, Winston-Salem, North Carolina, and Branch Banking and Trust Company  -- request for an exemption from section 23A of the Federal Reserve Act and Regulation W to allow Branch Banking and Trust Company's securities affiliate, Scott & Stringfellow, Inc., Richmond, Virginia, to hold and receive payments on certain instruments that are backed by a liquidity facility provided by the bank and to allow the bank to purchase these instruments from the securities affiliate.
-Granted, January 8, 2009  (AC)

The Northern Trust Company, Chicago, Illinois  -- request for an exemption from section 23A of the Federal Reserve Act and Regulation W to purchase auction-rate securities from its parent company, Northern Trust Corporation, Chicago.
-Granted, January 9, 2009  (AC)

First Company, Cody, Wyoming  -- written agreement with the Federal Reserve Bank of Kansas City.
-Announced, January 21, 2009 

Homeownership Preservation Policy  -- establishment of a policy under the Emergency Economic Stabilization Act to require that, in the event of default of a discount window loan collateralized by residential mortgage assets, the Federal Reserve Banks take actions to prevent avoidable foreclosures in connection with such assets through sustainable loan modifications and other actions that are consistent with the Federal Reserve's obligation to maximize the net present value of the assets for the benefit of taxpayers, and voluntary application of the policy to the residential mortgage assets held by Maiden Lane LLC; Maiden Lane II, LLC; and Maiden Lane III, LLC.
-Approved, January 23, 2009