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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.
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The New York Fed has been working with tri-party repo market participants to make changes to improve the resiliency of the market to financial stress.
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We are connecting emerging solutions with funding in three areas—health, household financial stability, and climate—to improve life for underserved communities. Learn more by reading our strategy.
The Economic Inequality & Equitable Growth hub is a collection of research, analysis and convenings to help better understand economic inequality.
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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| September 11, 1996 |
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| Circular No. 10872 | |
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--For Unexpired Portion of Term Ending December 31, 1996 To the Member Banks of the Second Federal Reserve District: A special election will be held under the provisions of section 4 of the Federal Reserve Act, as amended, to fill the vacancy in the office of class B director of this Bank for the unexpired portion of the term ending December 31, 1996, from which Sandra Feldman, President of the United Federation of Teachers, New York, N.Y., has resigned. At the same time, an election for the following three-year term of that office, ending December 31, 1999, will be held, also under those statutory provisions. Ms. Feldman was elected by member banks in Group 3 and her successor(s) will be chosen by this group. Member banks in Groups 1 and 2 will not participate in these elections. The classification of member banks for the purposes of nomination and election of class A and class B directors of the Federal Reserve Bank of New York is as follows: Group 1 consists of banks with capital and surplus of more than $1 billion; Group 2, of banks with capital and surplus of $30 million to $1 billion, inclusive; and Group 3, of banks with capital and surplus of less than $30 million. For purposes of these elections, a member bank's classification will be determined by its capital and surplus as of the date of this circular, even though its capital and surplus may change before the polls close. The list of banks comprising Group 3 begins on page 3. Except in the case of any member banks that are subsidiaries of the same bank holding company,¹ each member bank in Group 3 will be permitted, in both the special and regular elections, to nominate a candidate for class B director.² The nominations should be made by resolutions of the boards of directors of the nominating banks (or by resolutions of the banks' executive committees, if such committees are empowered to take such action), and certified copies of such resolutions should be sent so as to reach this Bank on or before 3 p.m. on Thursday, October 10, 1996. The enclosed printed forms show the appropriate form of resolution; one executed copy of each form should be returned to this Bank in the envelope provided for that purpose. On October 15, 1996, copies of the list of candidates in each election (indicating by whom nominated) and preferential ballots will be mailed to the banks in Group 3. The law provides that the ballots shall be cast within 15 days after receipt of the list. The polls in each election will open at 10 a.m., October 16, 1996, and will close at 12 noon on Thursday, October 31, 1996. Upon the closing of the polls, the ballot box will be opened in the board room of this Bank, the votes counted and checked by tellers, and the results of the elections announced. The candidates may, if they so desire, be present or represented on that occasion. In order to be counted as valid, the ballots must be executed by an officer authorized to cast the vote and must be received by this Bank at or before the time thus fixed for the closing of the polls (i.e., at or before 12 noon on Thursday, October 31, 1996). The officers heretofore designated for this purpose by each bank in Group 3 are shown on the list beginning on page 3. Any Group 3 bank that desires to change its authorization should do so by resolution of its board of directors; a certified copy of such resolution must reach this Bank before the polls close. A form for this purpose is enclosed. Because banks in Groups 1 and 2 will not participate in this election, this circular is sent to them without forms and for their information only. ¹Section 4 of the Federal Reserve Act, as amended, reads in part as follows: . . .That whenever any member banks within the same Federal Reserve district are subsidiaries of the same bank holding company within the meaning of the Bank Holding Company Act of 1956, participation in any such nomination or election by such member banks, including such bank holding company if it is also a member bank, shall be confined to one of such banks, which may be designated for the purpose by such holding company. Pursuant to the foregoing provision, a nomination by any bank that is a subsidiary of a bank holding company having other subsidiaries in the same voting group cannot be accepted unless there is on file with this Bank evidence that such bank has been so designated. ²Section 4 of the Federal Reserve Act, as amended, reads in part as follows: "Class B shall consist of three members, who shall represent the public and shall be elected without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers....No director of class B shall be an officer, director, or employee of any bank." "No Senator or Representative in Congress shall be a member of the Board of Governors of the Federal Reserve System or an officer or director of a Federal reserve bank." [The Board of Governors of the Federal Reserve System has expressed the opinion that it is inappropriate, as a general rule, for directors of Federal Reserve Banks to hold partisan political or public office in the service of the United States, or of any State, Territory, county, district, political subdivision, or municipality thereof, to act as members of political party committees, or to serve as officers or directors of political action committees or as members of the governing bodies of such committees. The System's policy is to avoid any situations that might give the appearance of associating the Reserve Banks with political activities.] Elections of Class B Director(a) For Unexpired Portion of Term Ending December 31, 1996
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