Board of Governors of the Federal Reserve System

rate risk, and internal controls; (b) the responsibility of the board

Federal Reserve Board Oral History Project Interview with Roger Cole Former Director, Division of Banking Supervision and Regulation Date: November

fixed-rate fully amortizing mortgage (or “traditional fixed-rate mortgage...fixed-rate mortgages and no down payment. Also, unlike traditional fixed-rate

rates and interest rates for its customers, for asset and liability management...interest-rate swaps, currency swaps and bond futures and are exposed to

rate risk. And, our data indicate that banks have indeed adopted a range...rates and thus the Federal Reserve’s setting of its administered rates

rate. First, the current real exchange rate predicts future changes in...rate is virtually uncorrelated with future inflation rates both in the

As of and for the Years Ended December 31, 2017 and 2016 and Independent Auditors’ Report Financial Statements: Federal Reserve Bank of Kansas

rate. As these trades involve no credit or interest rate risk for the ...rates.5 Indeed, most days the two effective rates are identical. Finally

rate Loan amount Other outstanding loans Total outstanding loans Total

Financial Statements: Federal Reserve Bank of Dallas As of and for the Years Ended December 31, 2017 and 2016 and Independent Auditors’ Report