Board Actions

Actions taken during the week ending March 7, 2009

Bank Holding Companies

Southern BancShares (N.C.), Inc., Mount Olive, North Carolina -- to increase its ownership up to 9.9 percent of the voting shares of ECB Bancorp, Inc., Engelhard, and its subsidiary bank, The East Carolina Bank.
-Approved, March 6, 2009

Forms

Forms -- final Board review to revise without extension the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) and Parent Company Only Financial Statements for Small Bank Holding Companies (FRY-9SP).
-Approved, March 6, 2009

Membership

ICE US Trust LLC, New York, New York -- to become a member of the Federal Reserve System, in connection with ICE's planned operation as a central counterparty and clearinghouse for certain credit default swaps.
-Approved, March 4, 2009

Monetary and Financial Policy

American International Group, Inc., New York, New York -- authorization for the Federal Reserve Bank of New York to take certain actions relating to its Revolving Credit Facility for AIG as part of a restructuring by the Department of the Treasury and the Federal Reserve of the government's assistance to help stabilize the company.
-Approved, March 1, 2009

Regulations And Policies

Regulation Z (Truth in Lending) -- publication for comment of�amendments to�revise the disclosure requirements for private student loans consistent with recent statutory changes under the Higher Education Opportunity�Act of 2008.
-Approved, March 6, 2009

Testimony And Statements

American International Group, Inc. -- statement by Vice Chairman Kohn before the Senate Committee on Banking, Housing, and Urban Affairs on the role of the Federal Reserve in stabilizing AIG.
-Published, March 5, 2009

The Economy and the Federal Budget -- statement by Chairman Bernanke before the Senate Committee on the Budget on current economic and financial conditions and the federal budget.
-Published, March 3, 2009