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News Release 2002-64 | August 8, 2002

Federal Financial Institution Regulators Extend Comment Period On Draft Credit Card Guidance

Joint Release

Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Office of Thrift Supervision

The federal financial institution regulatory agencies announced Thursday that they are extending the deadline, to September 23, for comment on their draft guidance on account management and loss allowances for credit card lending.

On July 22, under the auspices of the Federal Financial Institutions Examination Council, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision asked for comment by August 9 from affected institutions and other interested parties as to whether the draft provides clear guidance concerning their expectations in the areas of credit card account management, risk management, and loss allowance practices or, instead, has "fatal flaws" in these areas.

A draft of this proposed interagency guidance is attached. The agencies plan to issue further comments elaborating on the importance of this guidance soon.

Institutions and other parties that choose to respond should provide their views electronically no later than 5:00 p.m. on September 23, 2002. Responses to the agencies should be submitted electronically to the FFIEC Website, (click on the option

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Federal Reserve Dave Skidmore (202) 452-2955
FDIC Frank Gresock (202) 898-6634
OCC Dean DeBuck (202) 874-5770
OTS Chris Smith (202) 906-6677

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