RUS CB proposed ord on the procedure for reflecting on the accounts of accounting reserves - estimated liabilities and contingent liabilities by non-credit financial organizations, credit bureaus, and credit rating agencies.
Consultation documents are only available on RUS CB website until comment deadline.
Summary
In connection with the change in the composition of the subjects, the reg establishes the procedure for reflecting on the accounts of accounting reserves - estimated liabilities and contingent liabilities, which requires a republication reg 508-P.
The reg invalidates reg 508-Pon industry standard of accounting for reserves - estimated liabilities and contingent liabilities of non-credit financial organizations.
Effectiveness
Comments and feedback expected by Mar. 1, 2024.
In Aug. 2024 RUS CB proposed ord invalidating certain regulatory acts, see #221981.
Nov. 2024 Ord Issued
On Nov. 18, 2024, RUS CB issued ord 6890-U on the procedure for reflecting on the accounts of accounting reserves - estimated liabilities and contingent liabilities by non-credit financial organizations, credit bureaus, and credit rating agencies.
The ordinance enters into force on Jan. 1, 2025.
Regulators
RUS CB
Entity Types
Bank; BHC; CRA; CRB; Ins
Reference
PR 11/18/2024; Ord 6890-U, 10/2/2024; CP, 2/16/2024; Reg 508-P, 12/3/2024
