The Federal Deposit Insurance Corporation, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision have jointly issued Interagency Guidance on Subprime Lending.
These guidelines are intended to remind banks and thrifts of the risks inherent in subprime lending and to outline the types of controls the agencies expect banks to have in place before engaging in this field of lending.
The Interagency Guidance is attached.
Attachment: Interagency Guidance on Subprime Lending
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 10,623 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.
FDIC press releases and other information, including today's quarterly listing, are available on the Internet at www.fdic.gov
or through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200).