To All Depository Institutions and Others Concerned
in the Second Federal Reserve District:
The federal banking agencies have prepared additional supervisory guidance on regulatory and reporting issues related to Hurricanes Katrina and Rita.
The attached questions and answers provide guidance on:
- regulatory reports, including Bank Reports of Condition and Income (Call Reports) and Bank Holding Company Reports (Y Reports), for the quarter ending September 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 credit card customers and related delinquency and credit bureau reporting issues.
Additional guidance issued by the Federal Reserve and related to the recent Hurricanes will continue to be posted on the Board’s website on the Hurricane Katrina web page.