June 10, 2002 News Archive

Board Issues Interagency Guidance on Implicit Recourse in Asset Securitization Activities
The Board issued an SR letter and a 14-page guidance document on non-contractual or "implicit" recourse determinations applicable to all securitizations, including synthetic securitizations. The guidance (PDF) also provides examples of implicit recourse as well as a list of previously issued guidance and regulations. This is the third in a series of new supervisory letters on securitization. Other newly released letters addressing important elements of securitization include SR 02-15, and 02-14.

Board Issues Chairman Greenspan's Letter on Unfair or Deceptive Acts or Practices
Federal Reserve Board Chairman Alan Greenspan's letter(PDF) to the House Committee on Financial Services confirmed the applicability to the banking industry of the prohibition contained in section 5 of the Federal Trade Commission Act against unfair and deceptive acts or practices. The letter also confirms that the federal banking agencies are legally authorized to use enforcement powers under section 8 of the Federal Deposit Insurance Act against violations of this prohibition.

FFIEC Announces Addition of Aggregate Reports to UBPRs
The Federal Financial Institutions Examination Council (FFIEC) announced the addition of aggregate reports to the Uniform Bank Performance Reports (UBPRs ) for individual banks. The aggregate reports include the following: List of Banks in Peer Group, Peer Group Data Report, Peer Group Distribution Report, State Average Report, and State Average Distribution Report. The reports are available through the FFIEC Internet Reporting System.