(a) Since the Board and the Committee qualifies for the use of expedited
procedures under subsection (d)(4) of the Act, meetings or portions thereof
exempt under paragraph (a)(4), (a)(8), (a)(9)(i) or (a)(10) of section 261b.5
of this part, will be closed to public observation under the expedited
procedures of this section. Following are examples of types of items that,
absent compelling contrary circumstances, will qualify for these exemptions:
Matters relating to a specific bank or bank holding company, such as bank
branches or mergers, bank holding company formations, or acquisition of an
additional bank or acquisition or de novo undertaking of a permissible
nonbanking activity; matters relating to a specific savings and loan holding
company or its subsidiaries, such as acquisitions, reorganizations, savings
and loan holding company formations, conversions, or acquisition or de novo
undertaking of a permissible activity; bank regulatory matters, such as
applications for membership, issuance of capital notes and investment in bank
premises; foreign banking matters; bank supervisory and enforcement matters,
such as cease-and-desist and officer removal proceedings; monetary policy
matters, such as discount rates, use of the discount window, changes in the
limitations on payment of interest on time and savings accounts, and changes
in reserve requirements or margin regulations.
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(b) At the beginning of each meeting, a portion or portions of which is
closed to public observation under expedited procedures pursuant to this
section, a recorded vote of the members present will be taken to determine
whether a majority of the members of the agency votes to close such meeting
or portions of such meeting to public observation.
(c) A copy of the vote, reflecting the vote of each member, and except to
the extent such information is determined to be exempt from disclosure under
section 261b.5 of this part, a public announcement of the time, place and
subject matter of the meeting or each closed portion thereof, will be made
available at the earliest practicable time at the Board’s Public Affairs
Office and Freedom of Information Office.
