FDIC Supervisory Insights Summer 2009
FDIC Supervisory Insights Summer 2009
FDIC Supervisory Insights Summer 2009
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Overview of<br />
Selected Regulations and <strong>Supervisory</strong> Guidance<br />
This section provides an overview of recently released regulations and supervisory guidance, arranged in<br />
reverse chronological order. Press Release (PR) and Financial Institution Letter (FIL) designations are<br />
included so the reader can obtain more information.<br />
ACRONYMS and DEFINITIONS<br />
<strong>FDIC</strong> Federal Deposit Insurance Corporation<br />
FRB Federal Reserve Bank<br />
OCC Office of the Comptroller of the Currency<br />
OTS Office of Thrift Supervision<br />
NCUA National Credit Union Administration<br />
Banking agencies <strong>FDIC</strong>, FRB, and OCC<br />
Federal bank and thrift regulatory agencies <strong>FDIC</strong>, FRB, OCC, and OTS<br />
Federal financial institution regulatory agencies <strong>FDIC</strong>, FRB, OCC, OTS, and NCUA<br />
Subject Summary<br />
Solicitation of Comments on Legacy<br />
Loans Program (PR-48-<strong>2009</strong>, March<br />
26, <strong>2009</strong>)<br />
Changes to Debt Guarantee Component<br />
Reporting Requirements of Temporary<br />
Liquidity Guarantee Program<br />
(FIL-15-<strong>2009</strong>, March 23, <strong>2009</strong>)<br />
Extension of Debt Guarantee Component<br />
of Temporary Liquidity Guarantee<br />
Program (PR-41-<strong>2009</strong>, March 17,<br />
<strong>2009</strong>; FIL-14-<strong>2009</strong>, March 18, <strong>2009</strong>)<br />
Statement in Support of the International<br />
Association of Deposit Insurers<br />
and Basel Committee on Issuance of<br />
Core Principles (PR-40-<strong>2009</strong>, March<br />
17, <strong>2009</strong>)<br />
Statement in Support of the “Making<br />
Home Affordable” Loan Modification<br />
Program (PR-35-<strong>2009</strong>, March 4, <strong>2009</strong>)<br />
The <strong>FDIC</strong> announced the opening of the public comment period for the Legacy Loans Program,<br />
which is designed to remove troubled loans and other assets from <strong>FDIC</strong>-insured institutions and<br />
attract private capital to purchase the loans. Comments were due by April 10, <strong>2009</strong>.<br />
See http://www.fdic.gov/news/news/press/<strong>2009</strong>/pr09048.html.<br />
This FIL amends certain reporting requirements, clarifies previously issued reporting guidance,<br />
and consolidates reporting instructions relating to the debt guarantee component of the<br />
Temporary Liquidity Guarantee Program. This FIL and its attachments supersede FIL-139-2008<br />
and FIL-2-<strong>2009</strong>. See http://www.fdic.gov/news/news/financial/<strong>2009</strong>/fil09015.html.<br />
The <strong>FDIC</strong> adopted an interim rule that extends the debt guarantee component of the Temporary<br />
Liquidity Guarantee Program from June 30, <strong>2009</strong>, through October 31, <strong>2009</strong>, and imposes<br />
surcharges on existing rates for certain debt issuances to gradually phase out the program.<br />
See http://www.fdic.gov/news/news/financial/<strong>2009</strong>/fil09014.html.<br />
The <strong>FDIC</strong> issued support for the work of the Basel Committee on Banking and Supervision and the<br />
International Association of Deposit Insurers on issuing the Core Principles for Effective Deposit<br />
Insurance Systems for public consultation. These principles are a result of the Financial Stability<br />
Forum’s call for authorities to agree on an international set of principles for effective deposit<br />
insurance systems and address a range of issues, including deposit insurance coverage, funding,<br />
and prompt reimbursement. See http://www.fdic.gov/news/news/press/<strong>2009</strong>/pr09040.html.<br />
The Treasury Department announced guidelines for the “Making Home Affordable” loan modification<br />
program. The federal bank, thrift, and credit union regulatory agencies encourage all<br />
federally regulated financial institutions that service or hold residential mortgage loans to participate<br />
in the program. See http://www.fdic.gov/news/news/press/<strong>2009</strong>/pr09035.html.<br />
42 <strong>Supervisory</strong> <strong>Insights</strong> <strong>Summer</strong> <strong>2009</strong>