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    US Agencies Proposal on Commercial Real Estate Loan Accommodations

    August 08, 2022

    The Commodity Futures Trading Commission (CFTC) is seeking comments, until October 07, 2022, on an application, from the Financial Services Agency of Japan (JFSA), for capital comparability determination. The application requests CFTC to determine that registered swap dealers organized and domiciled in Japan that are subject to, and comply with, certain capital and financial reporting requirements in Japan may comply with certain capital and financial reporting requirements under the Commodity Exchange Act via compliance with corresponding capital and financial reporting requirements of Japan. CFTC is also soliciting public comment on a proposed order providing for the conditional availability of substituted compliance in connection with the application. Additionally, US Agencies issued a proposal on prudent commercial real estate loan accommodations and workouts.

    The Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration, and the Office of the Comptroller of the Currency or OCC (US Agencies), in consultation with the regulators for state banks and credit unions, are inviting comment on an updated policy statement for prudent commercial real estate loan accommodations and workouts. The final policy statement would be relevant to all financial institutions supervised by the agencies. The final updated policy statement would build on existing guidance on the need for financial institutions to work prudently and constructively with creditworthy borrowers during times of financial stress, update existing interagency guidance on commercial real estate loan workouts, and add a new section on short-term loan accommodations. While focused on commercial real estate loans, the proposed statement includes general principles that are relevant to a financial institution's commercial loans that are collateralized by either real property or other business assets of a borrower. The final updated statement would also address relevant accounting changes on estimating loan losses and provide updated examples of how to classify and account for loans modified or affected by loan accommodations or loan workout activity. US Agencies are requesting comments on the proposed policy statement by October 03, 2022.

     

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    Keywords: Americas, Asia Pacific, US, Japan, Banking, Commercial Real Estate, Credit Risk, Lending, Financial Reporting, Reporting, Swap Dealers, Commodity Derivatives, Commodity Exchange Act, OCC, FDIC, CFTC, US Agencies

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