WASHINGTON - The Federal Reserve Board on Tuesday sketched the future of supervision for financial holding companies and their affiliates, reserving a large measure of discretionary authority for itself.

While stressing cooperation and respect for other regulators' authority, a 10-page letter to Fed examiners from Richard Spillenkothen, the central bank's director of banking supervision and regulation, asserts the Fed's right to require reports from, and conduct examinations of, nonbank subsidiaries of these holding companies.

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