[Federal Register: November 23, 1999 (Volume 64, Number 225)]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
Uniform Retail Credit Classification and Account Management
Policy; Extension of Implementation Period
AGENCY: Federal Financial Institutions Examination Council.
ACTION: Final notice; extension of implementation period.
SUMMARY: The Federal Financial Institutions Examination Council
(FFIEC), on behalf of the Board of Governors of the Federal Reserve
System (FRB), the Federal Deposit Insurance Corporation (FDIC), the
Office of the Comptroller of the Currency (OCC), and the Office of
Thrift Supervision (OTS), collectively referred to as the Agencies, is
extending the implementation period for the Uniform Retail Credit
Classification and Account Management Policy. The Uniform Retail Credit
Classification and Account Management Policy is a supervisory policy
used by the Agencies for uniform classification and treatment of retail
credit loans in financial institutions.
DATES: November 23, 1999.
FOR FURTHER INFORMATION CONTACT:
FRB: David Adkins, Supervisory Financial Analyst, (202) 452-5259,
Division of Banking Supervision and Regulation, Board of Governors of
the Federal Reserve System. For the hearing impaired only,
Telecommunication Device for the Deaf (TDD), Dorothea Thompson, (202)
452-3544, Board of Governors of the Federal Reserve System, 20th and C
Streets NW, Washington, DC 20551.
FDIC: James Leitner, Examination Specialist, (202) 898-6790,
Division of Supervision. For legal issues, Michael Phillips, Counsel,
(202) 898-3581, Supervision and Legislation Branch, Federal Deposit
Insurance Corporation, 550 17th Street NW, Washington, DC 20429.
OCC: Daniel L. Pearson, National Bank Examiner, Credit Risk
Division, (202) 874-5170; or Ron Shimabukuro, Senior Attorney,
Legislative and Regulatory Activities Division, (202) 874-5090, Office
of the Comptroller of the Currency, 250 E Street SW, Washington, DC
OTS: Donna M. Deale, Manager, Supervision Policy (202) 906-7488; or
Karen A. Osterloh, Assistant Chief Counsel, Regulations and Legislation
Division, Chief Counsel's Office, (202) 906-6639, Office of Thrift
Supervision, 1700 G Street NW, Washington, D.C. 20552.
On February 10, 1999, the FFIEC published final revisions to the
Uniform Retail Credit Classification and Account Management Policy (64
FR 6655). The Agencies undertook a review of the 1980 policy as part of
their review of all written policies mandated by section 303(a) of the
Riegle Community Development and Regulatory Improvement Act of 1994.
The Agencies determined that the 1980 policy should be revised due to
changes that have taken place within the industry. In general, the
final policy statement:
Established a uniform charge-off policy for open-end
credit at 180 days delinquency and closed-end credit at 120 days
Provided uniform guidance for loans affected by
bankruptcy, fraud, and death.
Established guidelines for re-aging, extending, deferring,
or rewriting past due accounts.
Classified certain delinquent residential mortgage and
home equity loans.
Broadened recognition of partial payments that qualify as
The final policy became effective for manual adjustments to an
institution's policies and procedures as of the June 30, 1999, Call
Report or Thrift Financial Report (Reports), as appropriate. In
addition, the final policy allowed institutions until the December 31,
2000, Reports to make changes involving programming resources. At the
time of publishing the final policy, the Agencies were primarily
concerned about drawing away programming resources from the Year 2000
compliance effort. The Agencies recognize that the staggered
implementation date imposes a shorter adjustment period on banks that
are less automated. Additionally, the Agencies received recommendations
from the industry, subsequent to the publication of the policy in the
Federal Register, to delay the implementation of the policy for all
financial institutions to December 31, 2000.
In order to allow all institutions to meet the implementation
deadlines within the same time period, including those that are not
highly automated, the FFIEC is modifying the effective date. This
notice extends the implementation date for manual changes to the
December 31, 2000, Call Report or Thrift Financial Report. Institutions
that have already implemented manual changes to meet the revised
guidelines may continue to use their revised policies and procedures,
but are not required to do so.
Dated: November 17, 1999.
Keith J. Todd,
Executive Secretary, Federal Financial Institutions Examination
[FR Doc. 99-30433 Filed 11-22-99; 8:45 am]
BILLING CODE 6210-01-P; 6714-01-P; 6720-01-P; 4810-33-P