October 24, 2005 News Archive
Waiver of the Appraisal Regulations for Institutions Affected by Hurricanes Katrina and Rita
As described in SR 05 -18, the Federal Reserve and the other federal financial institutions regulatory agencies have granted a waiver of their appraisal regulations for three years to regulated financial institutions entering into transactions with borrowers affected by Hurricanes Katrina and Rita (Hurricanes). The waiver is expected to reduce loan processing times and, therefore, may assist institutions in responding to the financial needs of borrowers affected by the Hurricanes.
Interagency Guidance on Authentication in an Internet Banking Environment
As described in SR 05-19 , the FFIEC has issued guidance titled Authentication in an Internet Banking Environment. This replaces guidance issued in 2001, addressing the need for risk-based assessments, customer awareness, and security measures to reliably authenticate customers accessing financial institutions' Internet-based services.
FFIEC Announces Additional Hurricane-Related Guidance for Financial Institutions
The Federal Financial Institutions Examination Council (FFIEC) member agencies announced the availability of additional supervisory guidance on regulatory and reporting issues related to Hurricane Katrina and Hurricane Rita in the form of questions and answers, provides guidance on:
- The agencies' expectations for regulatory reports, including Bank Reports of Condition and Income (Call Reports), Bank Holding Company Reports, Thrift Financial Reports, Thrift Holding Company Reports, and Credit Union 5300 and 5310 Call Reports, for the quarter ending Sept. 30, 2005;
- Appropriate allowances for loan and lease losses in third quarter regulatory reports;
- Accounting treatment of sales of held-to-maturity securities to meet increased liquidity needs directly related to the hurricanes; and,
- Temporary hardship programs for bank and saving association credit card customers, and related delinquency and credit bureau reporting issues.
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