BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
DIVISION OF BANKING
SUPERVISION AND REGULATION
SR 93-30 (FIS)
June 10, 1993
TO THE OFFICER IN CHARGE OF SUPERVISION
AT EACH FEDERAL RESERVE BANK
SUBJECT: Interagency Policy Statements on Supervisory Initiatives Released Today
Attached is a copy of the Press Release and Policy Statements on supervisory initiatives to implement the interagency program announced on March 10, 1993. Taken together, these steps should strengthen supervision in a way that is consistent with removing any unintended impediments to lending to creditworthy businesses and individuals. These initiatives address in-substance foreclosures, returning nonaccrual loans to accrual status, regulatory reporting requirements for sales of other real estate owned, review and classification of commercial real estate loans, the supervisory definition of special mention assets, and coordination of holding company inspections with subsidiary bank and thrift examinations. The aspects of this package dealing with regulatory reporting are fully consistent with generally acceptable accounting principles. A separate press release was issued today which addresses initiatives on consumer complaints and fair lending matters and will be distributed to the Reserve Banks by the Division of Consumer and Community Affairs.
This document is being sent to each Reserve Bank separately by the Board's Office of the Secretary with instructions that a copy be forwarded to the chief executive officer of each state member bank and bank holding company in your district.
It is important that a copy of these documents be made available to each supervisory official and examiner at the Reserve Bank as soon as possible. Also, please ensure that these policies are fully understood and effectively implemented by all Reserve Bank examiners and supervision staff.
Board staff stands ready to answer any questions and to cooperate or assist in any training or instruction that you believe is necessary to fully carry out these supervisory policies.
ATTACHMENTS MAY BE OBTAINED FROM FEDERAL RESERVE BANK
SR letters | 1993