To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
In a press release, the federal financial institution regulatory agencies extended the deadline for review to September 23, 2002 for comment on their draft guidance on account management and loss allowances for credit card lending. This extension was granted in response to requests from industry representatives to provide affected institutions and other interested parties additional time to review the guidance and to submit comments to the agencies.
The statement on this matter is attached.
Questions on this matter may be directed, at this Bank to Dianne Dobbeck, Staff Director, Policy and Analysis, Bank Supervision.