Closures

In separate proclamations, the Office of the Comptroller of the Currency authorized national bank offices affected by Hurricane Gustav or Tropical Storm Hanna to close at their discretion. In issuing the proclamations, the OCC said that only those bank offices directly affected by the hurricane would close, and that those offices should make every effort to reopen as quickly as possible to address customers’ need.

SBA Drafting Rules

The Small Business Administration is drafting rules to implement a new law allowing banks to make guaranteed SBA loans to augment normal SBA disaster lending in a major catastrophe. The agency does not expect to have these regulations finalized until next year. So far this year, there has been nothing like the magnitude of disaster that would warrant using the guaranteed disaster loan program.

Accounting Matters

The Financial Accounting Standards Board says it will shortly issue three related Exposure Drafts for public comment. The exposure documents will address changes in Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities; FASB Interpretation No. 46, Consolidation of Variable Interest Entities; and proposed FASB Staff Position No. 140-e on Disclosures about Transfers of Financial Assets and Interests in Variable Interest Entities.