Press Releases
Press Release
For Immediate Release August 8, 2002

FEDERAL FINANCIAL INSTITUTION REGULATORS
EXTEND COMMENT PERIOD ON DRAFT CREDIT CARD GUIDANCE

The federal financial institution regulatory agencies announced Thursday that they are extending the deadline, to September 23, for comment on their draft guidance on account management and loss allowances for credit card lending.

On July 22, under the auspices of the Federal Financial Institutions Examination Council, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision asked for comment by August 9, from affected institutions and other interested parties as to whether the draft provides clear guidance concerning their expectations in the areas of credit card account management, risk management, and loss allowance practices or, instead, has "fatal flaws" in these areas.

A draft of this proposed interagency guidance is attached. The agencies plan to issue further comments elaborating on the importance of this guidance soon.

Institutions and other parties that choose to respond should provide their views electronically no later than 5:00 p.m. on September 23, 2002. Responses to the agencies should be submitted electronically to the FFIEC Web site, www.FFIEC.gov (click on the option ffiec-suggest@frb.gov).

Attachment (PDF)

 

Media Contacts:

Agency Contact Name Phone Number
Federal Reserve Dave Skidmore (202) 452-2955
FDIC Frank Gresock (202) 898-6634
OCC Dean DeBuck (202) 874-5770
OTS Chris Smith (202) 906-6677

 

The FFIEC was established in March 1979 to prescribe uniform principles, standards, and report forms and to promote uniformity in the supervision of financial institutions. The Council has five member agencies: the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision. The Council's activities are supported by interagency task forces and by an advisory State Liaison Committee, comprised of five representatives of state agencies that supervise financial institutions.