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19341018 A

19341018 A

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Published by fedfraser

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Published by: fedfraser on Apr 24, 2014
Copyright:Traditional Copyright: All rights reserved


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A moating
of the Federal
serve Board was held in Washingtonon Thursday, October 18, 1954, at 10:50 a, m.PRESENT: Ur. Thomas, Vice GovernorHr. HamlinMr. Miller Mr. JamesMr. Szymczak Mr. O’ConnorMr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Wyatt, General CounselMr. Paulger, Chief of the Division of Examinations Mr. Sinead, Chief of the Division of Bank Operations Mr. Goldenweiser, Director of the Division of Research and Statistics Mr. Thomas, Research Assistant, Division of Research and Statistics Mr. Riefler, Economic Adviser to the Presidents Executive CouncilIn accordance with the action taken at the meeting of the Board on October 10, 1954, Mr. James A. Moffett, Federal Housing Administrator, and &*. Roger Stef fan, Director of Modernization Credits, Federal Housing Administration, were also present for the purpose of discussing with the Board the activities of the Federal Housing Administration.Messrs. Moffett and Stef fan made statements with regard to the programand activities of the Administration, referring particular-ly to the campaign being conducted by the Administration in connec-tion with home modernization loans by banks and other financing insti-tutions. Mr. Stef fan also left with the Board copies of pamphlets prepared by the Federal Housing Administration with regard to modern-ization credits.
10A 8/54 -2-
In response to an inquiry fromMr. 0 •Connor as to whether Messrs. Moffett and Stef fan had any suggestions to make as to howthe Board could cooperate with the Administration, Mr. Stef fan stated that it would be helpful if (l) the Federal reserve banks, in their contacts with financing institutions, would take an en-couraging position with regard to loans by banks under the National Housing Act, and (2) the examiners of banks would take a friendly attitude toward such loans so that the bankers will not feel that the loans will be criticized if made. Mr. Stef fan stated that he would be glad to work with anyone whomthe Board would designate in the preparation of a letter to be sent
 the Board to the Federal re-serve banks with regard to the activities of the Federal Housing Administration and requesting that the reserve banks cooperate with the Administration in transmitting information regarding its activi-ties to the commercial banks in their respective districts.Mr. James suggested that the most satisfactory way of hand-ling the matter would be for a representative of the Federal Housing Administration to arrange to visit each of the twelve Federal reserve banks and far the Board to request the banks to have its officers, including the managing directors of branches, meet with the representa-tive of the Federal Housing Administration on a date to be agreed upon. He also stated that it might be desirable to hold similar meetings with officers of banking and other financial institutions.In response to this suggestion, Mr. Stef fan said that consideration had been given to this matter, and that, while as yet he had been
unable to work out a schedule of meetings because of the demands

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