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®: CRE Regulatory Action of the Week

Financial Agencies Submit Joint Report to Congress
On August 9, 2010, four federal financial agencies published Federal Register notice that they have prepared and submitted a joint report on the differences in accounting and capital standards among the federal banking agencies. This report was submitted to the Committee on Financial Services of the United States House of Representatives and to the Committee on Banking, Housing, and Urban Affairs of the United States Senate. It was prepared by the Office of the Comptroller of the Currency, Treasury; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation (FDIC); and Office of Thrift Supervision, Treasury.

This joint report is required by section 37(c) of the Federal Deposit Insurance Act. Section 37(c) requires the agencies to jointly submit an annual report to congress describing differences between the capital and accounting standards used by these federal agencies.

The joint report is available in the Federal Register.