Central Fidelity Wants to Switch Its Regulator: Fed Report on Lending Record Spurs Charter C
The Federal Reserve Bank of Richmond has written a rey port criticizing one of Virginia's largest and most successful-: banks for allegedly discriminating against some customers,-and the bank has reacted by deciding to apply for a new.fr charter that would remove it from the Fed's oversight. ;.jåÈ:</br></br>The Fed report was issued confidentially last month to Richmond-based Central Fidelity Bank. It gives Central Fir. delity a "needs to improve" rating on its record of meeting community credit needs. The report, a copy of which was >;ÐÊ obtained by The Washington Post, says the bank discrimir. nated in lending on the basis of age and marital status, and defined certain neighborhoods served by its offices in a way that excluded neighboring low- and moderate-income areas.</br></br>Carroll L. Same, chairman of the board of Central Fideli-\;åÇ ty, delivered a bankerÛªs version of a broadside against the Fed at yesterdayÛªs annual shareholders meeting.	,.</br></br>In a highly unusual move, Saine said the bank would seek -to replace its current state charter with a national one, un- Û_ der which it would be regulated by the Office of the Compt; trailer of the Currency rather than by the Fed.</br></br>"In my opinion, the Office of the Comptroller of the CurrencyÛÓwhile harsh in their examinationsÛÓis logical, objective, basically nonpolitical and more fairly represents the high standards of our bank, its stockholders, customers and employees," Saine told the annual meeting in Richmond.