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[Federal Register: November 23, 1999 (Volume 64, Number 225)]


[Page 65712-65713]

From the Federal Register Online via GPO Access []









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.



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.




Background Information


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

full payments.


Implementation Period


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


[[Page 65713]]


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