Federal Reserve System: Transactions Between Member Banks and Their Affiliates
GAO-03-480R: Feb 24, 2003
- Full Report:
GAO reviewed the Federal Reserve System's rule on transactions between member banks and their affiliates. GAO found that (1) the final rule combines statutory restrictions on transactions between a member bank and its affiliates with numerous Board interpretations and exemptions in an effort to simplify compliance with sections 23A and 23B of the Federal Reserve Act, and (2) the Federal Reserve Board complied with applicable requirements in promulgating the rule.