WASHINGTON -- By July 5, state member banks that want to invest in their buildings will be freed from some of the paperwork required by the Federal Reserve Board.

The Fed announce in a Federal Register notice last Friday that well-capitalized state member banks with a Camel 1 or 2 rating may invest up to 50% of Tier 1 capital in their premises without filing an application.

At present, state member banks must request permission from the Fed before investments in premises exceed the bank's capital stock account.

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