Board Actions

Credit Scoring -- statement by Sandra F. Braunstein, director, Division of Consumer and Community Affairs, before the House Committee on Financial Services on the Federal Reserve's role in ensuring that lenders use credit scoring systems appropriately to evaluate consumers' credit risk.
-Published, March 24, 2010

Federal Reserve's Exit Strategy -- statement by Chairman Bernanke before the House Committee on Financial Services on the Federal Reserve's strategy for exiting from the extraordinary lending and monetary policies implemented to combat the financial crisis and support economic activity.
-Published, March 25, 2010

First Niagara Financial Group, Inc., Buffalo, New York -- to (1) become a bank holding company and acquire Harleysville National Corporation, Harleysville, Pennsylvania, and indirectly acquire Harleysville National Bank; (2) operate First Niagara Bank, Buffalo, New York, as a subsidiary savings association until it becomes a subsidiary bank upon its conversion to a national bank; and (3) hold First Niagara Commercial Bank, Lockport, as a subsidiary of First Niagara Bank until First Niagara converts to a national bank and First Niagara Commercial Bank is merged into First Niagara Bank, N.A.
-Approved, March 25, 2010

Forms -- initial Board review to extend without revision the following reports: (1) Survey to Obtain Information on the Relevant Market in Individual Merger Cases (FR 2060), (2) Request for Extension of Time to Dispose of Assets Acquired in Satisfaction of Debts Previously Contracted (FR 4006), (3) Stock Redemption Notification (FR 4008), (4) Notice Claiming Status as an Exempt Transfer Agent (FR 4013), (5) Investment in Bank Premises Notification (FR 4014), and (6) six information collections related to the Gramm-Leach-Bliley Act (FR 4010, FR 4011, FR 4012, FR 4017, FR 4019, FR 4023); and to extend with revision the (1) Report of Terms of Credit Card Plans (FR 2572), (2) Report of Terms of Credit Card Plans Supplemental Survey (FR 2572S), and (3) Report of Selected Balance Sheet Items for Discount Window Borrowers (FR 2046).
-Proposed, March 25, 2010

Division of International Finance -- appointment of Michael Leahy as senior associate director, Trevor Reeve as associate director, Christopher Erceg as deputy associate director, David Bowman and Charles Thomas as assistant directors, and Mark Carey and John Rogers as senior advisers.
-Announced, March 25, 2010

Regulation E (Electronic Fund Transfers) -- final rules to restrict the fees and expiration dates that may apply to gift cards.
-Announced, March 23, 2010

Belvedere Capital Partners II LLC, San Francisco, California, Belvedere Capital Fund II LP, and Socal Bancorporation -- written agreement with the Federal Reserve Bank of San Francisco.
-Announced, March 22, 2010

Coconut Grove Bank, Miami, Floria -- written agreement with the Federal Reserve Bank of Atlanta and the State of Florida Office of Financial Regulation.
-Announced, March 25, 2010

Royal Bancshares of Pennsylvania, Inc., Narberth, Pennsylvania -- written agreement with the Federal Reserve Bank of Philadelphia.
-Announced, March 25, 2010

United Security Bancshares, Inc., Fresno, California, and United Security Bank -- written agreement with the Federal Reserve Bank of San Francisco.
-Announced, March 25, 2010