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COMMITTEE ON BANKING AND CURRENCY

J. W. FULBRIGHT, Arkansas, Chairman
A. WILLIS ROBERTSON, Virginia

HOMER E. CAPEHART, Indiana
JOHN J. SPARKMAN, Alabama

JOHN W. BRICKER, Ohio
J. ALLEN FREAR, JR., Delaware

IRVING M. IVES, New York
PAUL H. DOUGLAS, Illinois

WALLACE F. BENNETT, Utah
HERBERT H. LEHMAN, New York

PRESCOTT S. BUSH, Connecticut
A. S. MIKE MONRONEY, Oklahoma

J. GLENN BEALL, Maryland
WAYNE MORSE, Oregon

FREDERICK G. PAYNE, Maine
J. H. YINGLING, Chief Clerka
ROBERT A. WALLACE, Staff Director

STUDY AUTHORIZED BY THE COMMITTEE ON BANKING AND CURRENCY PURSUANT TO

SENATE RESOLUTION 155, 84TH CONGRESS, 2D SESSION

A. WILLIS ROBERTSON, Virginia, Acting Chairman

DONALD L. ROGERS, Counsel

CONTENTS

Pago

List of members of Advisory Committee---

3

Statement of-

Cook, H. E., Chairman, accompanied by Maple T. Harl, member;

Royal L. Coburn, General Counsel; Neil G. Greensides, Acting

Assistant to the Chairman; and William G. Loeffler, Controller,

Federal Deposit Insurance Corporation ---

239, 289

Gidney, Ray M., Comptroller of the Currency, accompanied by
L. A. Jennings, First Deputy Comptroller of the Currency.

4

Robertson, Albert J., Chairman; accompanied by Ira Dixon and

William Hallahan, members; Thomas H. Creighton, General Coun-

sel; John M. Wyman, Director, Division of Supervision; Verne C.

Bonesteel

, Director, Division of Examinations; and Dr. William H.

Husband, General Manager, Federal Savings and Loan Operations,

Federal Home Loan Bank Board.--

333

Gannon, J. Deane, Director, Bureau of Federal Credit Unions, Depart-

ment of Health, Education, and Welfare..

415

Robertson, J. L., member, Board of Governors, accompanied by

George B. Vest, General Counsel, Federal Reserve Board..

163

Inquiries by members of Advisory Committee:

Bubb, Henry A.

235, 397

Cravens, Kenton R., chairman.

3, 72, 221, 290, 400, 422

Harris, Reese H., Jr.

86, 234, 295, 413

Herz, Theodore'.

301

Livingston, Homer J.

277

McCloy, John J..

72, 221, 292, 411

Pratt, William W.

423

Reese, Everett D.

72, 236, 291, 414

Wooten, Ben.

236

Recommendations, statements, reports, etc., submitted for the record by-

American Association of Federal Credit Unions: Letter to Senator

Robertson.

156

American Bankers Association:

Letter to chairman..

91

Recommendations for changes in law-

92

Association of Reserve City Bankers:

Letter to chairman..

96

Report on recommendations for changes in law..

96

Exhibit A, supporting American Bankers' Association recom-

mendation No. 4..

101

Brody, Maurice S., Denver, Colo.: Statement-

122

Bureau of Federal Credit Unions: Recommendations for changes in

law, 167–175..

415

Comptroller of the Currency:
Recommendations for changes in law, 1-45A.

17
List of examiners who left to accept employment with banks-- 158
Connecticut Savings Banks' Deposit Guaranty Fund of Connecticut,
Inc.: Summary of fund's origin and operations.-

307
Credit Union National Association, Inc.:
Letter to committee.-

117
Comments on agency recommendations -

117
Recommendations for changes in law---

119
Federal Advisory Council, Federal Reserve Board: Comments on
Board's recommendations..

207

Federal Deposit Insurance Corporation:

Recommendations for changes in law, 86-115--

239

Recommendations, statements, reports, etc.—Continued
Federal Deposit Insurance Corporation-Continued

Additional recommendations-

List of employees who left to accept employment with banks.---

Work done by Board not previously reviewed by a committee.--

Banks not insured by FDIC.

Report on examinations of Southmoor Bank

Offices of operating banks not insured by FDIC.

Federal Home Loan Bank Board:

Specific legislative language embodying recommendations and

suggestions for which specific language was not given in October

1, 1956, submission.

Recommendations for changes in law, 116–166..

Proposed amendment of regulations relating to conversion,

merger, or reorganization..

Regulation for annual audit--

Federal Reserve Board:

Recommendations for changes in law, 46–85-

Comments of Federal Advisory Council on Board recommenda-

tions.---

Mergers, consolidations, and absorptions by State member banks.
Acqusition of banks by Transamerica Corp., January 1-May 6,

1956..

Ferguson, David, Colby, Kans.: Letter to Senator Robertson -

Gilbert, Lewis D , New York, N. Y.: Letter to committee.

Kramer, Floyd W., Denver, Colo.: Letter to Senator Robertson_

Minnesota Fair Exchange Committee: Telegram to Senator Robert-

Reynolds, Lewis B., San Francisco, Calif.: Statement.-

Shirk, Stanley E., New York, N. Y.:

Letter to Senator Robertson..

New York Stock Exchange financial questionnaire-

Sparkman, John, a United States Senator from the State of Ala-

bama: Statement..

United States Savings and Loan League: Statement-

Walker, Fred, Arlington, Va.:

Statement

Appendix: Report, Audit Program for the Smaller Bank

207

218

124

131

i

STUDY OF BANKING LAWS

FRIDAY, NOVEMBER 9, 1956

UNITED STATES SENATE,
COMMITTEE ON BANKING AND CURRENCY,

Washington, D.O. The committee met, pursuant to call, in room 318, Senate Office Building, at 9:35 a. m., Senator A. Willis Robertson, acting chairman, presiding.

Present: Senators Robertson, Douglas, and Beall.

Also present: Donald L. Rogers, counsel, Banking and Currency Committee.

Senator ROBERTSON. The committee will please come to order.

We expect to have four other members of our committee here, but they are delayed. Pending their arrival we will take care of several preliminary matters.

First, I want to thank this splendid group of bankers and those interested in credit affairs for their willingness to serve on this advisory committee. We feel that we are particularly fortunate in prevailing on my good friend, Kenton Cravens, to serve as chairman of the Advisory Committee, and I feel highly gratified at the way he has organized the work and broken it down into subcommittees, so that those who are specialists in the various fields can center on proposals that they want the full advisory committee to act on at their next meeting in December.

Last July I was designated by Senator Fulbright to serve as acting chairman of the Senate Banking and Currency Committee for a study of the Federal statutes governing financial institutions and credit. The need for such an inquiry was evidenced by the fact that there had been no major revision of these laws in over 20 years. At the outset, I requested the Federal agencies concerned to review their statutory authority for the purpose of deleting obsolete provisions and adding new authority where needed. Trade associations in the financial field were also contacted and were requested to prepare appropriate recommendations.

In September, a 27-man advisory committee was selected to assist the Banking and Currency Committee. The recommendations of this highly competent group will make an important contribution to the study.

The committee counsel, Donald L. Rogers, was directed to prepare, with the assistance of the Federal supervisory agencies, all the necessary background information. In this connection, a compilation of the Federal statutes relating to banks, savings and loan associations, and credit unions has been prepared and published. In addition, the 176 legislative recommendations of the Federal supervisory agencies have been printed in book form.

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