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| TO: |
CHIEF EXECUTIVE OFFICER |
| SUBJECT: |
Rescission of Policy Statement on the Sale of U.S. Government Guaranteed Loans
and Sale Premiums
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The FDIC Board of Directors has rescinded the FDIC's
policy statement "The Sale of U.S. Government Guaranteed
Loans and Sale Premiums." A copy of the Federal Register
notice is attached.
The supervisory guidance in the policy statement is no
longer needed due to the experience banks have developed
in the years since the FDIC issued the policy statement.
The accounting guidance in the "Instructions for Preparing
Consolidated Reports of Condition and Income" and the
Financial Accounting Standards Board's "Statement Number
91" have made the policy statement's accounting guidance
unnecessary. In addition, the Federal Financial
Institutions Examination Council has rescinded its policy
statement on this subject.
For more information, please contact your Division of
Supervision Regional Office.
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Nicholas J. Ketcha Jr.
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Director
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Attachment: Federal Register, Vol. 62, No. 20, page 4532. (available
on FDIC home page -- www.fdic.gov)
Distribution: FDIC-Supervised Banks (Commercial and
Savings)
Note: Paper copies of FDIC financial institution letters may be obtained through the
FDIC’s Public Information Center, 801 17th St., N.W., Room 100, Washington, D.C. 20434
((703) 562-2200 or 800-276-6003).
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