www.occ.treas.gov/ftp/bulletin/2005-18a.pdf.Federal banking regulators issued supplemental guidance to financial institutions on how they should account for and report on commitments to originate and sell mortgage loans (www.occ.treas.gov/ftp/bulletin /2005-18a.pdf). The institutions are required to determine which of these commitments are derivatives under FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). rules and then calculate and report their fair value. But inadequate compliance with the FASB rules has prompted the regulators--the Federal Reserve Board, the Federal Deposit Insurance Corp., the National Credit Union Administration The National Credit Union Administration (NCUA) is responsible for chartering, insuring, supervising, and examining federal credit unions (FCUs) and for administering the National Credit Union Share Insurance Fund. , the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. and the Office of Thrift Supervision--to provide this additional guidance on applying FASB Statement FASB Statement A standard set by the Financial Accounting Standards Board regarding a financial accounting and reporting method. Essentially, FASB statements determine the acceptable accounting practices that Certified Public Accountants use in reporting on Standards no. 133, Accounting for Derivative Instruments and Hedging Activities, as amended by FASB Statement no. 149. |
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