Fed Lifts Restriction: The Federal Reserve Board...

Fed Lifts Restriction: The Federal Reserve Board gave Citicorp permission to more closely coordinate its savings and loan subsidiaries in California, Illinois and Florida with its banking operation. The central bank lifted restrictions that had prevented Citicorp, the nation’s largest banking company, from operating the thrifts “in tandem” with its commercial banks, which is allowed under the new federal thrift legislation. The Fed also lifted similar restrictions imposed on Michigan National Corp.’s operation of Beverly Hills Federal Savings Bank in Mission Viejo.