Circular
Interagency Statement Regarding Arthur Andersen LLP
March 22, 2002
Circular No. 11428

To All State Member Banks and Bank Holding Companies in the Second Federal Reserve District:

In a joint press release, the Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Office of Thrift Supervision, and National Credit Union Administration have announced that the financial institutions they supervise should follow the guidance issued by the U.S. Securities and Exchange Commission (SEC) with respect to auditing and accounting work performed by Arthur Andersen LLP.

The March 14 and March 18 SEC statements are attached.

Questions on the matter that relate to Section 36 of the Federal Deposit Insurance Act may be directed, at this Bank, to F. Christopher Calabia, Bank Supervision Officer, and questions relating to the FR Y-6 report may be directed to Violet Cumberbatch, Staff Director, Banking Structure Division.