Details:

Publisher's site:
https://www.fdic.gov/
Corporate Authors:
Federal Deposit Insurance Corporation (FDIC)
Description:
Section 301 of the Emergency Economic Stabilization Act of 2008 (EESA) provides tax relief to banks that have suffered losses on certain holdings of Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) perpetual preferred stock by changing the character of these losses from capital to ordinary for federal income tax purposes. The federal banking agencies will allow banks to recognize the effect of the tax change enacted in Section 301 of EESA in their third quarter 2008 regulatory capital calculations.
Subject:
[+]
Capital
Dataset Download URL:
https://www.fdic.gov/news/inactive-financial-institution-letters/2008/fil08112.pdf
Format:
PDF
Release Date:
10/29/2008
Update Date:
11/10/2008
Withdrawn Date:
Not Available.
Agencies Involved:
Federal Deposit Insurance Corporation (FDIC);Federal National Mortgage Association (Fannie Mae);Federal Home Loan Mortgage Corporation (Freddie Mac);Office of the Comptroller of the Currency (OCC);Board of Governors of the Federal Reserve System (The Fed);
Fdic Employee Involved:
Robert Storch
Law Involved:
Emergency Economic Stabilization Act of 2008 (EESA)
Related Regulation:
12 CFR Part 325
Source:
FDIC Website
Memorandum To:
FDIC-Supervised Banks (Commercial and Savings)
FIL Number:
FIL-112-2008
Main Document Checksum:
[+]
urn:sha256:672b2c8e44c2c8453d41180dc16c8a218fff7bc073ef14d796dbd4b21e233193
Download URL:
https://archive.fdic.gov/view/fdic/7265/fdic_7265_DS1.pdf
File Type:

Supporting Files

• Interagency Statement on the Regulatory Capital Impact of Losses on Fannie Mae and Freddie Mac Preferred Stock (October 24, 2008)

  pdf

More +