July 14, 2003 News Archive

March 2003 Peer Data Now Available
The updated March 2003 Peer Data (PDF,98KB) is now available. The custom de novo peer methodology developed includes banks of up to eight years of age with no size restriction. The focus of this data is on new banks "built from the ground up" rather than banks created from existing branches or institutions.

Emerging Issue in the Reporting of Trust Preferred Securities
The Board recently issued an SR letter in response to a FASB interpretation that may have implications for how trust preferred securities are reported on bank holding companies' financial statements. Accounting Specialist Paul Jordan provides further insight into these implications.

FFIEC: Mortgage Servicers Must Advise Delinquent Borrowers on Counseling
The Federal Financial Institutions Examination Council recently issued new homeownership counseling examination procedures. The procedures (PDF) cover the requirement that all creditors that service mortgages must notify eligible customers of the availability of counseling if they fail to pay their mortgages on time. The notice, which must be given within 45 days of the delinquency, must inform the borrower of the creditor's counseling services and direct them to a list of non-profit counseling organizations approved by the Department of Housing and Urban Development.

FFIEC Releases HMDA Rate Spread Calculator
The FFIEC has developed the Rate Spread Calculator to assist HMDA reporting institutions with the new Reg C requirements for reporting Rate Spread data effective for 2004 HMDA data and forward.