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Financial Institution Letter

Sale Of U.S. Government Guaranteed Loans And Sale Premiums

February 13, 1997
Notes
 
TO: CHIEF EXECUTIVE OFFICER 
SUBJECT: Rescission of Policy Statement on the Sale of U.S. Government Guaranteed Loans 
and Sale Premiums 

The FDIC Board of Directors has rescinded the FDIC's policy statement "The Sale of U.S. Government Guaranteed Loans and Sale Premiums." A copy of the Federal Register notice is attached. 

The supervisory guidance in the policy statement is no longer needed due to the experience banks have developed in the years since the FDIC issued the policy statement. The accounting guidance in the "Instructions for Preparing Consolidated Reports of Condition and Income" and the Financial Accounting Standards Board's "Statement Number 91" have made the policy statement's accounting guidance unnecessary. In addition, the Federal Financial Institutions Examination Council has rescinded its policy statement on this subject. 

For more information, please contact your Division of Supervision Regional Office.

Nicholas J. Ketcha Jr.
Director

Attachment: Federal Register, Vol. 62, No. 20, page 4532. (available on FDIC home page -- www.fdic.gov) 

Distribution: FDIC-Supervised Banks (Commercial and Savings) 

Note: Paper copies of FDIC financial institution letters may be obtained through the FDIC’s Public Information Center, 801 17th St., N.W., Room 100, Washington, D.C. 20434 ((703) 562-2200 or 800-276-6003). 

FIL-9-97

Last Updated: February 13, 1997