HEARINGS

BEFORE THE

COMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE

EIGHTY-FOURTH CONGRESS

SECOND SESSION

TO CONSIDER THE LEGISLATIVE

RECOMMENDATIONS OF THE

FEDERAL SUPERVISORY

AGENCIES

84444

PART 1

NOVEMBER 9 AND 10, 1956

Printed for the use of the Committee on Banking and Currency

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON: 1956

COMMITTEE ON BANKING AND CURRENCY

J. W. FULBRIGHT, Arkansas, Chairman

J. H. YINGLING, Chief Clerk

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

Page

List of members of Advisory Committee....

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...

3

239, 289

Gidney, Ray M., Comptroller of the Currency, accompanied by

L. A. Jennings, First Deputy Comptroller of the Currency-

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...

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

ment of Health, Education, and Welfare..

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

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

Inquiries by members of Advisory Committee:

Bubb, Henry A..

4

333

415

163

235, 397

3, 72, 221, 290, 400, 422

86, 234, 295, 413

301

277

72, 221, 292, 411

423

72, 236, 291, 414
236

156

Recommendations for changes in law

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

American Association of Federal Credit Unions: Letter to Senator

Robertson.

American Bankers Association:

Letter to chairman__

Association of Reserve City Bankers:

Letter to chairman_..

Report on recommendations for changes in law..

Exhibit A, supporting American Bankers' Association recom-

mendation No. 4.

101

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

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92

96

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.

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--

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

207

Federal Deposit Insurance Corporation:

Recommendations for changes in law, 86-115--.

239