Interagency Statement Regarding Arthur Andersen LLP
April 1, 2002
Circular No. 11431

To All State Member Banks and Bank Holding Companies in the Second Federal Reserve District:

In a Supervisory Letter, the Federal Reserve Board informs financial institutions that they should follow the guidance issued by the U.S. Securities and Exchange Commission (SEC) with respect to auditing and accounting work performed by Arthur Andersen LLP.

A March 19 Interagency Statement on the matter and the March 14 and March 18 SEC statements are attached.

Questions on the matter that relate to Section 36 of the Federal Deposit Insurance Act may be directed, at this Bank, to F. Christopher Calabia, Bank Supervision Officer, and questions relating to the FR Y-6 report may be directed to Violet Cumberbatch, Staff Director, Banking Structure Division.