Guidance on Accounting and Reporting For Loans Held For Sale
April 4, 2001
Circular No. 11335

To All State Member Banks and Bank Holding Companies in the Second Federal Reserve District:

In a press release dated March 27, 2001, the federal financial institutions regulatory agencies announced the issuance of guidance on accounting and reporting for certain loans that are sold directly from the loan portfolio or transferred to a held-for-sale account.

Attached are the Interagency Guidance (pdf - 27kb) and a letter from the Securities and Exchange Commission (pdf - 27kb) to the regulatory agencies regarding the guidance.