March 15, 2004 News Archive

Interagency Update on Accounting for Loan and Lease Losses
The Board and other Federal Financial Institution Examination Council agencies issued a statement that provides an update on accounting for loan and lease losses. The statement discusses the current status of the proposed "Accounting for Credit Losses" Statement of Position, as well as a listing of the existing allowance guidance that financial institutions should continue to apply.

Interagency Guidance Issued on Unfair or Deceptive Acts or Practices by State-Chartered Banks
In a joint press release, the Board and FDIC announced guidance outlining standards they will apply to determine when acts or practices by state-chartered banks are unfair or deceptive. Guidance is also provided on steps that state-chartered banks can take to avoid engaging in such acts or practices.

AgLetter Summarizes Farmland Values Survey (PDF,38KB)
The latest AgLetter looks at agricultural land values and agricultural credit conditions based on a survey of 284 agricultural bankers as of January 1, 2004.

Upcoming Bank Director Training
The Federal Reserve Bank of Chicago has designed a director training program to address the critical needs and responsibilities of community bank directors. We intend to sponsor one-day seminars throughout the District over the course of the year to offer sessions focused on today's hot topics, filled with practical advice about key business areas including fraud risk, information technology risk, and The USA Patriot Act as it pertains to the Bank Secrecy Act and anti-money laundering regulations. The FDIC and respective State banking departments have been invited to participate as well.

The first two seminars will be held in West Des Moines, Iowa, on April 5th, and Bettendorf, Iowa, on April 6th. Information on dates and locations for upcoming seminars in Wisconsin, Illinois, Indiana and Michigan will be forthcoming. Please contact Federal Reserve Representative Timothy J. Palmersheim at (800) 642-6389 for additional details.