[Federal Register Volume 77, Number 244 (Wednesday, December 19, 2012)]
[Notices]
[Pages 75259-75263]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-30608]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

[Docket ID OCC-2012-0003]

FEDERAL RESERVE SYSTEM

FEDERAL DEPOSIT INSURANCE CORPORATION


Joint Report: Differences in Accounting and Capital Standards 
Among the Federal Banking Agencies; Report to Congressional Committees

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury; 
Board of Governors of the Federal Reserve System (Board); and Federal 
Deposit Insurance Corporation (FDIC).

ACTION: Report to the Congressional Committees.

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SUMMARY: The OCC, the Board, and the FDIC (collectively, the agencies) 
have prepared this report pursuant to section 37(c) of the Federal 
Deposit Insurance Act. Section 37(c) requires the agencies to jointly 
submit an annual report to the Committee on Financial Services of the 
U.S. House of Representatives and to the Committee on Banking, Housing, 
and Urban Affairs of the U.S. Senate describing differences between the 
capital and accounting standards used by the agencies. The report must 
be published in the Federal Register.

FOR FURTHER INFORMATION CONTACT:
    OCC: David Elkes, Risk Expert, Capital Policy, (202) 649-6984, 
Office of the Comptroller of the Currency, 250 E Street SW., 
Washington, DC 20219.
    Board: Sviatlana Phelan, Senior Financial Analyst, Capital and 
Regulatory Policy, (202) 912-4306, Division of Banking Supervision and 
Regulation, Board of Governors of the Federal Reserve System, 20th 
Street and Constitution Avenue NW., Washington, DC 20551.
    FDIC: David W. Riley, Senior Analyst (Capital Markets), (202) 898-
3728, Division of Risk Management Supervision, Federal Deposit 
Insurance Corporation, 550 17th Street NW., Washington, DC 20429.

SUPPLEMENTARY INFORMATION: The text of the report follows:

Report to the Committee on Financial Services of the U.S. House of 
Representatives and to the Committee on Banking, Housing, and Urban 
Affairs of the U.S. Senate Regarding Differences in Accounting and 
Capital Standards Among the Federal Banking Agencies

Introduction

    The Office of the Comptroller of the Currency (OCC), the Board of 
Governors of the Federal Reserve System (Board), and the Federal 
Deposit Insurance Corporation (FDIC) (collectively, the agencies) must 
jointly submit an annual report to the Committee on Financial Services 
of the U.S. House of Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the U.S. Senate describing differences 
between the accounting and capital standards used by the agencies. The 
report must be published in the Federal Register.
    Prior to 2011, the Office of Thrift Supervision (OTS) joined the 
agencies in submitting an annual report to Congress. Title III of the 
Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-
203, 124 Stat. 1376 (2010) (Dodd-Frank Act), transferred the powers, 
authorities, rights and duties of the OTS to other federal banking 
agencies on July 21, 2011 (the transfer date), and the OTS was 
abolished 90 days later. Under Title III, the OCC assumed all functions 
of the OTS and the Director of the OTS relating to federal savings 
associations, and thus the OCC has responsibility for the ongoing 
supervision, examination, and regulation of federal savings 
associations as of the transfer date. Title III transferred all 
supervision, examination, and certain regulatory functions of the OTS 
relating to state savings associations to the FDIC and all functions 
relating to the supervision of any savings and loan holding company and 
non-depository institution subsidiaries of such holding companies to 
the Board. Accordingly, this report is being submitted by the OCC, 
Board, and FDIC.
    The agencies are submitting this joint report, which covers 
differences between their uses of accounting or capital standards 
existing as of December 31, 2011, pursuant to section 37(c) of the 
Federal Deposit Insurance Act (12 U.S.C. 1831n(c)), as amended. This 
report covers 2010 and 2011 and describes capital differences similar 
to those presented in previous reports.\1\
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    \1\ See, e.g., 75 FR 47900 (August 9, 2010).
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    Since the agencies filed their first reports on accounting and 
capital differences in 1990, the agencies have acted in concert to 
harmonize their accounting and capital standards and eliminate as many 
differences as possible. Section 303 of the Riegle Community 
Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4803) 
also directs the agencies to work jointly to make uniform all 
regulations and guidelines implementing common statutory or supervisory 
policies. The results of these efforts must be ``consistent with the 
principles of safety and soundness, statutory law and policy, and the 
public interest.'' \2\ In recent years, the agencies have revised their 
capital standards to address changes in credit and certain other risk 
exposures within the banking system and align the amount of capital 
institutions are required to hold more closely with the credit risks 
and certain other risks to which they are exposed. These revisions have 
been made in a uniform manner whenever possible and practicable to 
minimize interagency differences. Although the differences in capital 
standards have diminished over time, a few differences remain, some of 
which are statutorily mandated.
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    \2\ 12 U.S.C. 4803(a).
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    In addition to the specific differences in capital standards noted 
below, the agencies may have differences in how they apply certain 
aspects of their rules. These differences usually arise as a result of 
case-specific inquiries that have been presented to only one agency. 
Agency staffs generally seek to minimize these occurrences by 
coordinating responses to the fullest extent reasonably practicable. 
Furthermore, while the agencies work together to adopt and apply 
generally uniform capital standards, there are wording differences in 
various provisions of the agencies' standards that largely date back to 
each agency's separate initial adoption of these standards before 1990.
    The federal banking agencies have substantially similar capital 
adequacy standards.\3\ These standards are based on a common regulatory 
framework that establishes minimum leverage and risk-based capital 
ratios for depository institutions \4\ (banks and savings 
associations). The agencies view the leverage and risk-based capital 
requirements as minimum standards, and most institutions generally are 
expected to operate with capital levels

[[Page 75260]]

well above the minimums, particularly those institutions that are 
expanding or experiencing unusual or high levels of risk.
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    \3\ The agencies' general risk-based capital rules are at 12 CFR 
part 3 (for national banks) and 12 CFR part 167.6 (for federal 
savings associations); 12 CFR parts 208 and 225, appendix A (Board); 
12 CFR part 325, appendix A (FDIC); and 12 CFR part 390, subpart Z 
(state savings associations).
    \4\ 12 U.S.C. 1813(c).
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    The agencies note that, with respect to the agencies' advanced 
approaches capital adequacy framework based on Basel II,\5\ there are 
no significant differences across the agencies' rules because the 
agencies adopted a joint rule establishing a common advanced approaches 
framework in December 2007,\6\ with subsequent joint revisions.\7\ 
Therefore, the risk-based capital differences described below pertain 
to the agencies' Basel I-based risk-based capital standards.\8\
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    \5\ The agencies' advanced approaches rules are at 12 CFR part 
3, appendix C (national banks) and 12 CFR part 167, appendix C 
(federal savings associations);12 CFR part 208, appendix F, and 12 
CFR part 225, appendix G (Board); 12 CFR part 325, appendix D 
(FDIC); and 12 CFR part 390, subpart Z, appendix A (state savings 
associations).
    \6\ See 72 FR 69288 (December 7, 2007).
    \7\ See 76 FR 37620 (June 28, 2011). Some minor differences 
remain in the application of the advanced approaches rule to savings 
associations, as statutorily mandated.
    \8\ On August 30, 2012, the agencies issued three proposed rules 
that would revise and replace the agencies' current capital rules. 
See 77 FR 52792, 77 FR 52888, 77 FR52978. If the proposed rules were 
adopted as final rules, a majority of the non-statutory differences 
described in this report would be eliminated.
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    With respect to reporting standards, the OCC, the Board, and the 
FDIC, under the auspices of the Federal Financial Institutions 
Examination Council (FFIEC), have developed the uniform Consolidated 
Reports of Condition and Income (Call Report) for all insured 
commercial banks and certain state-chartered savings banks. The OTS 
required OTS-supervised savings associations and certain state-
chartered savings banks to file the Thrift Financial Report (TFR). The 
reporting standards for recognition and measurement of regulatory 
capital in the Call Report and the TFR were consistent with U.S. 
generally accepted accounting principles. There were no significant 
differences in regulatory accounting standards for regulatory reports 
filed with the federal banking agencies. In 2011, the agencies required 
changes to the reporting requirements for savings associations.\9\ The 
changes (which are described in greater detail below) include a 
transition from the quarterly TFR to the quarterly Call Report.
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    \9\ See 76 FR 39981 (July 7, 2011).
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Differences in Capital Standards Among the Federal Banking Agencies

Financial Subsidiaries

    The Gramm-Leach-Bliley Act (GLBA), also known as the Financial 
Services Modernization Act of 1999, established the framework for 
financial subsidiaries of banks.\10\ GLBA amended the Revised Statutes 
to permit national banks to conduct certain expanded financial 
activities through financial subsidiaries. Section 5136A of the Revised 
Statutes (12 U.S.C. 24a) imposes a number of conditions and 
requirements upon national banks that have financial subsidiaries, 
including the regulatory capital treatment applicable to equity 
investments in such subsidiaries. The statute requires that a national 
bank deduct from assets and tangible equity the aggregate amount of its 
equity investments in financial subsidiaries. The statute further 
requires that the financial subsidiary's assets and liabilities not be 
consolidated with those of the parent national bank for applicable 
capital purposes.
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    \10\ A national bank that has a financial subsidiary must 
satisfy a number of statutory requirements in addition to the 
capital deduction and deconsolidation requirements described in the 
text. The bank (and each of its depository institution affiliates) 
must be well capitalized and well managed. Asset size restrictions 
apply to the aggregate amount of the assets of the bank's financial 
subsidiaries. Certain debt rating requirements apply, depending on 
the size of the national bank. The national bank is required to 
maintain policies and procedures to protect the bank from financial 
and operational risks presented by the financial subsidiary. It is 
also required to have policies and procedures to preserve the 
corporate separateness of the financial subsidiary and the bank's 
limited liability. Finally, transactions between the bank and its 
financial subsidiary generally must comply with the Federal Reserve 
Act (FRA) restrictions on affiliate transactions, and the financial 
subsidiary is considered an affiliate of the bank for purposes of 
the anti-tying provisions of the Bank Holding Company Act. See 12 
U.S.C. 5136A.
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    State member banks may have financial subsidiaries subject to the 
same restrictions that apply to national banks.\11\ State nonmember 
banks may also have financial subsidiaries, but they are subject only 
to a subset of the statutory requirements that apply to national banks 
and state member banks.\12\
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    \11\ See 12 U.S.C. 335 (state member banks are subject to the 
``same conditions and limitations'' that apply to national banks 
that hold financial subsidiaries).
    \12\ The applicable statutory requirements for state nonmember 
banks are as follows: the bank (and each of its insured depository 
institution affiliates) must (1) be well capitalized, (2) comply 
with the capital deduction and deconsolidation requirements, and (3) 
satisfy the requirements for policies and procedures to protect the 
bank from financial and operational risks and to preserve corporate 
separateness and limited liability for the bank. In addition, the 
statute requires that any transaction between the bank and a 
subsidiary that would be classified as a financial subsidiary 
generally shall be subject to the affiliate transactions 
restrictions of the FRA. See 12 U.S.C. 1831w.
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    The OCC, the FDIC, and the Board adopted final rules implementing 
their respective provisions arising from section 121 of the GLBA for 
national banks in March 2000, for state nonmember banks in January 
2001, and for state member banks in August 2001. The GLBA did not 
provide new authority to savings associations to own, hold, or operate 
financial subsidiaries, as defined, and thus the capital rules for 
savings associations do not contain parallel provisions.

Non-Financial Subsidiaries and Subordinate Organizations of Savings 
Associations

    Banks supervised by the OCC, the Board, and the FDIC generally 
consolidate all significant majority-owned subsidiaries other than 
financial subsidiaries for regulatory capital purposes. For 
subsidiaries other than financial subsidiaries that are not 
consolidated on a line-by-line basis for financial reporting purposes, 
joint ventures, and associated companies, the parent banking 
organization's investment in each such subordinate organization is, for 
risk-based capital purposes, deducted from capital or assigned to the 
100 percent risk-weight category, depending upon the circumstances. The 
Board's and the FDIC's rules also permit banks to consolidate the 
investment on a pro rata basis under appropriate circumstances.
    The capital regulations for savings associations are different in 
some respects because of statutory requirements. A statutorily-mandated 
distinction is drawn between subsidiaries, which generally are 
majority-owned, that are engaged in activities that are permissible for 
national banks and those that are engaged in activities impermissible 
for national banks.\13\ When subsidiaries engage in activities that are 
impermissible for national banks, the regulations governing savings 
associations require deduction of the parent's investment in these 
subsidiaries from the capital of the parent organization. If a 
subsidiary's activities are permissible for a national bank, that 
subsidiary's assets are generally consolidated with those of the parent 
organization on a line-by-line basis. If a subordinate organization, 
other than a subsidiary, engages in impermissible activities, 
investments in and loans to that organization generally are deducted 
from the savings association's capital.\14\ If a subordinate 
organization engages solely in permissible activities, depending on the

[[Page 75261]]

nature and risk of the activity, investments in and loans to that 
organization may be assigned either to the 100 percent risk-weight 
category or deducted from capital.
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    \13\ See 12 U.S.C. 1464(t)(5).
    \14\ The definitions of subsidiary and subordinate organization 
are provided in 12 CFR 159.2 (federal savings associations) and 12 
CFR 390.251 (state savings associations).
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Leverage Ratio Denominator

    Banks supervised by the Board, the OCC, and the FDIC use average 
total assets to calculate the denominator of the leverage ratio. In 
contrast, savings associations use quarter-end total assets. Under the 
rules governing the reservation of authority for savings associations, 
the OCC and the FDIC reserve the right to require federal and state 
savings associations, respectively, to compute capital ratios on the 
basis of average, rather than period-end, assets.\15\
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    \15\ See 12 CFR 167.11(b) (federal savings associations) and 12 
CFR 390.470(b) (state savings associations).
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Collateralized Transactions

    The risk-based capital rules of the Board assign a zero percent 
risk weight to claims collateralized by cash on deposit in the 
institution or by securities issued or guaranteed by U.S. Government 
agencies or the central governments of countries that are members of 
the Organization for Economic Cooperation and Development (OECD), 
provided there is daily mark-to-market of collateral and maintenance of 
a positive margin of collateral. The OCC rules with respect to national 
banks incorporate similar conditions for such collateralized claims 
eligible for a zero percent risk weight. However, while the Board's 
rules require such claims to be fully collateralized, the OCC's rules 
governing national banks permit partial collateralization.
    Under the FDIC rules for state nonmember banks and the FDIC and OCC 
rules for state and federal savings associations, respectively, 
portions of claims collateralized by cash or by securities issued or 
guaranteed by OECD central governments or U.S. Government agencies 
receive a 20 percent risk weight. However, these institutions may 
assign a zero percent risk weight for claims on certain qualifying 
securities firms that are collateralized by cash on deposit in the 
institution or by securities issued or guaranteed by the U.S. 
Government, U.S. Government agencies, or other OECD central 
governments.

Noncumulative Perpetual Preferred Stock

    Under the agencies' capital standards, noncumulative perpetual 
preferred stock is a component of tier 1 capital. The capital standards 
of the Board, the FDIC with respect to state nonmember banks, and the 
OCC with respect to national banks, require noncumulative perpetual 
preferred stock to give the issuer the option to waive the payment of 
dividends and provide that waived dividends neither accumulate to 
future periods nor represent a contingent claim on the issuer.
    As a result of these requirements, under the risk-based capital 
rules of the OCC (with respect to national banks), the Board, or the 
FDIC, if a bank issues perpetual preferred stock and is required to pay 
dividends in a form other than cash (e.g., dividends in the form of 
stock, when cash dividends are not or cannot be paid and when the bank 
does not have the option to waive or eliminate dividends), the 
perpetual preferred stock would not qualify as noncumulative. Under the 
capital requirements for savings associations, a savings association 
may request supervisory approval to treat perpetual preferred stock as 
noncumulative if it requires the payment of dividends in the form of 
stock when cash dividends are not paid.

Equity Securities of Government-Sponsored Enterprises

    The risk-based capital rules of the Board and the FDIC and the 
capital regulations governing savings associations apply a 100 percent 
risk weight to equity securities of government-sponsored enterprises 
(GSEs).\16\ In contrast, the OCC's regulation governing national banks 
applies a 20 percent risk weight to all GSE equity securities.
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    \16\ However, Federal Home Loan Bank stock held by banking 
organizations as a condition of membership receives a 20 percent 
risk weight.
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Conversion Factors for Off-Balance Sheet Contracts

    Under the agencies' general risk-based capital rules, the credit 
equivalent amount of a derivative contract that is not subject to a 
qualifying bilateral netting contract is equal to the sum of the 
derivative contract's current credit exposure and the potential future 
credit exposure. The potential future exposure is estimated by 
multiplying the notional principal amount of the contract by a credit 
conversion factor by type of derivative contract. The regulations of 
the Board, the FDIC with respect to state nonmember banks, and the OCC 
with respect to national banks provide a chart illustrating the 
applicable credit conversion factors, as follows:

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                                                                                                                     Precious metals,        Other
                    Remaining maturity                       Interest rate    Exchange rate and   Equity (percent)     except gold        commodities
                                                               (percent)        gold (percent)                          (percent)          (percent)
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One year or less.........................................                0.0                1.0                6.0                7.0               10.0
More than one year to five years.........................                0.5                5.0                8.0                7.0               12.0
More than five years.....................................                1.5                7.5               10.0                8.0               15.0
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    In contrast, the regulations governing savings associations, as 
currently incorporated into the FDIC's and the OCC's regulations, 
provide a table of conversion factors that is less granular as to the 
types of contracts to which it applies as well as their remaining 
maturity.

 
------------------------------------------------------------------------
                                                               Foreign
                                                  Interest     exchange
              Remaining  maturity                   rate         rate
                                                 contracts    contracts
                                                 (percent)    (percent)
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One year or less..............................          0.0          1.0
Over one year.................................          0.5          5.0
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Limitation on Subordinated Debt and Limited-Life Preferred Stock

    The risk-based capital rules of the Board, the FDIC with respect to 
state nonmember banks, and the OCC with respect to national banks limit 
the amount of subordinated debt and intermediate-term preferred stock 
that may be treated as part of tier 2 capital to 50 percent of tier 1 
capital. Such a restriction is not imposed on savings associations. 
However, the agencies

[[Page 75262]]

limit the amount of tier 2 capital to 100 percent of tier 1 capital for 
all banks and savings associations.
    In addition, under the risk-based capital rules of the Board, the 
FDIC with respect to state nonmember banks, and the OCC with respect to 
national banks, at the beginning of each of the last five years of the 
life of a subordinated debt or limited-life preferred stock instrument, 
the amount eligible for inclusion in tier 2 capital is reduced by 20 
percent of the original amount of that instrument (net of redemptions). 
However, the regulations governing savings associations provide the 
option of using either the discounting approach described above or an 
approach that, during the last seven years of the instrument's life, 
allows for the full inclusion of all such instruments, provided that 
the aggregate amount of such instruments maturing in any one year does 
not exceed 20 percent of the savings association's total capital.

Tangible Capital Requirement

    Unlike banks, savings associations, by statute, must satisfy a 1.5 
percent minimum tangible capital requirement.\17\ However, under the 
Prompt Corrective Action framework all insured depository institutions 
are considered critically undercapitalized if their tangible common 
equity falls below 2 percent.\18\ Therefore, the 1.5 percent minimum 
tangible capital requirement for savings associations is no longer a 
meaningful limit.
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    \17\ See 12 U.S.C. 1464(t)(1)(A)(ii) and (t)(2)(B).
    \18\ See 12 U.S.C. 1831o(c)(3); see also 12 CFR 6.4, 12 CFR 
165.4 (OCC); 12 CFR 208.45 (Board); 12 CFR 325.105, 12 CFR 390.455 
(FDIC).
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Market Risk Rule

    In 1996, the Board, the FDIC with respect to state nonmember banks, 
and the OCC with respect to national banks, adopted rules requiring 
banks and bank holding companies with significant exposure to market 
risk to measure and maintain capital to support that risk.\19\ However, 
the rules governing savings associations do not include a market risk 
framework because no savings association engaged in the threshold level 
of trading activity when the market risk capital rule was adopted.\20\
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    \19\ See 61 FR 47358 (September 6, 1996).
    \20\ On August 30, 2012, the agencies published a revised market 
risk final rule that: (1) enhances the market risk rule's 
sensitivity to risks that are not adequately captured under the 
prior market risk rule, (2) increases transparency through enhanced 
disclosures, and (3) does not rely on credit ratings, consistent 
with section 939A of the Dodd-Frank Act. See 77 FR 53060. On the 
same day, the agencies also issued a proposed rule that would 
subject federal and state savings associations to the market risk 
rule. See 77 FR 52978 (August 30, 2012). Thus, if the proposed rule 
is adopted as a final rule, the difference described above would be 
eliminated.
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Pledged Deposits, Nonwithdrawable Accounts, and Certain Certificates

    The capital regulations governing mutual savings associations 
permit such institutions to include in tier 1 capital pledged deposits 
and nonwithdrawable accounts to the extent that such accounts or 
deposits have no fixed maturity date, cannot be withdrawn at the option 
of the accountholder, and do not earn interest that carries over to 
subsequent periods. The regulations also permit the inclusion of net 
worth certificates, mutual capital certificates, and income capital 
certificates complying with applicable regulations in savings 
associations' tier 2 capital. The risk-based capital rules of the 
Board, the FDIC with respect to state nonmember banks, and the OCC with 
respect to national banks do not expressly address these instruments.

Assets Subject to FDIC or Federal Savings and Loan Insurance 
Corporation Agreements

    The risk-based capital rules of the Board, the OCC for national 
banks, and the FDIC for state nonmember banks generally place assets 
subject to guarantee arrangements by the FDIC or the former Federal 
Savings and Loan Insurance Corporation (FSLIC) in the 20 percent risk-
weight category. The regulations governing savings associations place 
certain assets in the zero percent risk-weight category, provided the 
assets are fully covered against capital loss and/or by yield 
maintenance agreements initiated by the FSLIC, regardless of any later 
successor agency such as the FDIC.
    The federal banking agencies issued a joint statement, 
Clarification of the Risk Weight for Claims on or Guaranteed by the 
FDIC, on February 26, 2010, that clarifies the risk weights for claims 
on or guaranteed by the FDIC for purposes of banking organizations' 
risk-based capital requirements. Recent loss-sharing agreements entered 
into by the FDIC with acquirers of assets from failed institutions are 
considered conditional guarantees for risk-based capital purposes due 
to contractual conditions imposed on the acquiring institution. The 
guaranteed portion of assets subject to an FDIC loss-sharing agreement 
may be assigned a 20 percent risk weight. Any such assets reported by a 
savings association, other than those meeting the requirements provided 
in 12 CFR 167.6(a)(1)(i)(F) (federal savings associations) and 12 CFR 
390.466(a)(1)(i)(F) (state savings associations) may similarly receive 
a 20 percent risk weight.

Differences in Accounting Standards Among the Federal Banking Agencies

Specific Valuation Allowances

    There was a difference in regulatory reporting of ``specific 
valuation allowance'' between Call Report and TFR filers.\21\ Under the 
TFR, if a savings association determined that it was likely the amount 
of a loan loss classification would change due to market conditions, it 
could record the loss associated with the loan by either (1) creating a 
specific valuation allowance or (2) recognizing a charge-off.\22\ In 
contrast, Call Report instructions require a charge-off for all 
confirmed losses and do not provide for this use of specific valuation 
allowances.
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    \21\ Effective March 30, 2012, this difference was eliminated 
when savings associations began to file the Call Report.
    \22\ A savings association is not permitted to use a specific 
valuation allowance in lieu of a charge-off when it classifies 
certain credits as a loss, such as unsecured loans, consumer loans, 
and credit cards, and in instances where the collateral underlying a 
secured loan would likely be acquired through foreclosure or 
repossession. In those cases, only a charge-off is permitted.
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Regulatory Reporting

    In 2011, subsequent to the Dodd-Frank Act, the agencies changed 
regulatory reporting requirements, including requiring savings 
associations to file the quarterly Call Report rather than the TFR.\23\ 
As a result, institutions supervised by the agencies are subject to 
uniform regulatory reporting requirements.
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    \23\ See 76 FR 39981 (July 7, 2011).
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    Savings associations continued their existing reporting processes 
until the effective dates cited below, but they were permitted to 
convert early to the Call Report for report dates after July 21, 2011. 
Savings associations that elected to early adopt the Call Report were 
still required to submit other applicable reports (Cost of Funds, 
Holding Company, and Consolidated Maturity/Rate Schedule) through the 
December 31, 2011, reporting period.
    Specific changes to reporting requirements for savings associations 
include:
     A requirement to file the quarterly Call Report, beginning 
with the March 31, 2012, report date. Effective on that date, all 
required schedules of the TFR (including Schedules CMR--Consolidated 
Maturity Rate and HC--Thrift Holding Company) were eliminated;
     A requirement to file data through the Summary of Deposits 
with the FDIC,

[[Page 75263]]

beginning with the June 30, 2011, report date. Effective on that date, 
the OTS Branch Office Survey was eliminated; and
     Ending collection of monthly median cost-of-funds data 
from savings associations, effective January 31, 2012. The last cost-
of-funds indices were published as of December 31, 2011.

    Dated: December 13, 2012.
Thomas J. Curry,
Comptroller of the Currency.

    By order of the Board of Governors of the Federal Reserve 
System, December 10, 2012.
Robert deV. Frierson,
Secretary of the Board.

    Dated: December 11, 2012.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2012-30608 Filed 12-18-12; 8:45 am]
BILLING CODE 4810-33-P; 6210-01-P; 6714-01-P