Board of Governors of the Federal Reserve System

and/or examination work papers to identify any QTL related issues. 2. ...policies are satisfactory and periodically reviewed by the appropriate

policies and procedures to address risks associated with customer relationships...policies and procedures will depend on the banking organization’s ongoing

DIVISION OF MONETARY AFFAIRS For release at 2:00 p.m. ET February 1, 2016 TO: HEADS OF RESEARCH AT ALL FEDERAL RESERVE BANKS Enclosed for distribution

Policy Action Page 3 of 15 (7) Currency Depreciation vs US Dollar January...Policy Rate A Year Ago Current 4.00% 1.50% 5.75% 0.50% 0.50 % 0.10 % 2.25%

and support) the general activity of the economy. Agricultural conditions

Policy Target Rate Among Primary Dealers Prior to January 28 FOMC Meeting...Policy Survey -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Percent Survey

and Group Centre which includes the support functions). The US Branch

boom-and-bust cycles, and financial crises. Indeed, shortly after the ...and, as in the case of the Bank of Mexico, that independence has evolved

FRB Order No. 2015-26 September 21, 2015 FEDERAL RESERVE SYSTEM PacWest Bancorp Los Angeles, California Order Approving the Merger of Bank Holding

policies and procedures. These standards have been incorporated into the...policies and procedures. The U.S. policies and procedures require the