Federal Financial Institutions Examination Council
|For Immediate Release||October 6, 2005|
FFIEC Agencies Announce Additional
Guidance for Financial Institutions
The Federal Financial Institutions Examination Council (FFIEC) member agencies today announced the availability of additional supervisory guidance on regulatory and reporting issues related to Hurricane Katrina and Hurricane Rita. This information, in the form of questions and answers, provides guidance on:
The above questions and answers, along with other hurricane-related information, are available at the FFIEC's and the member agencies' web sites listed below. The agencies are developing responses to other supervisory and regulatory questions related to the hurricanes. When those responses are available, the agencies and the FFIEC will post them to their web sites.
The five member agencies are also announcing that they have granted a waiver from the agencies' appraisal regulations to regulated institutions entering into transactions with borrowers affected by the hurricanes. The Federal Register notice with the statement and order waiving the regulatory appraisal requirements is available on the agencies' web sites.
Links to Web Sites :
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.