Prohibition Against Use of Interstate Branches Primarily for Deposit Production
June 7, 2002
Circular No. 11447

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

In a press release, the Federal Reserve Board, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation announce a Federal Register notice (pdf - 96kb) stating that the agencies have amended their rules so that the prohibition against using interstate branches primarily for deposit production also applies to any bank or branch of a bank controlled by an out-of-state bank holding company.

Questions on this matter may be directed, at this Bank, to Cathy Seiler, Supervising Examiner, Community Reinvestment Act.