Uniform Retail Credit Classification Policy - Circulars

Museum & Visits Regional Economy Data & Statistics Careers Blog Press Center

About the New York Fed
- About the New York Fed
- What We Do
- Who We Are
  - Bank Leadership
  - Diversity and Inclusion
- Communities We Serve
- Governance
- More About Us
- At the New York Fed, our mission is to make the U.S. economy stronger and the financial system more stable for all segments of society. We do this by executing monetary policy, providing financial services, supervising banks and conducting research and providing expertise on issues that impact the nation and communities we serve.
  
  Introducing the New York Innovation Center: Delivering a central bank innovation execution
  
  Do you have a request for information and records? Learn how to submit it.
  
  Learn about the history of the New York Fed and central banking in the United States through articles, speeches, photos and video.
Markets & Policy Implementation

Economic Research
- Economic Research
- U.S. Economy
  - Consumer Expectations & Behavior
  - Growth & Inflation
  - Labor Market
  - Financial Stability
  - Banking
- REGIONAL ECONOMY
- RESEARCHERS
  - PUBLICATIONS
  - RESEARCH CENTERS
  - CALENDAR

Financial Institution Supervision
- Financial Institution Supervision
- Supervision & Regulation
  - Circulars
  - Regulations
- Reporting Forms & Instructions
  - Reporting Forms
  - Correspondence
- Bank Applications
- Consumer Protection
  - Community Reinvestment Act Exams
  - Frauds and Scams
- As part of our core mission, we supervise and regulate financial institutions in the Second District. Our primary objective is to maintain a safe and competitive U.S. and global banking system.
  
  The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
  
  Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.
  
  The New York Fed works to protect consumers as well as provides information and resources on how to avoid and report specific scams.
Financial Services & Infrastructure
- Financial Services & Infrastructure
- Financial Services & Operations
- Financial Market Infrastructure & Reform
- The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
  
  The New York Fed provides a wide range of payment services for financial institutions and the U.S. government.
  
  The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
  
  The New York Fed has been working with tri-party repo market participants to make changes to improve the resiliency of the market to financial stress.
Community Development
& Education

Circular

Uniform Retail Credit Classification Policy

July 16, 1998

Circular No. 11072

Comments Requested on Proposed Revisions

To the Chief Executive Officers of All State Member Banks in the Second Federal Reserve District:

On July 6, 1998, the Federal Financial Institutions Examination Council (FFIEC) published in the Federal Register a notice and request for comment on proposed revisions to the Uniform Policy for Classification of Consumer Installment Credit Based on Delinquency Status (Uniform Retail Credit Classification Policy) (pdf - 46kb) . Comments to the FFIEC are due by September 4, 1998.

The existing Uniform Retail Credit Classification Policy, which was adopted in June 1980, is a supervisory policy used by the federal regulatory agencies for the uniform classification of retail credit loans of financial institutions. The FFIEC is proposing to revise the charge-off policy for closed-end and open-end credit and address other significant issues in retail credit lending by the financial services industry. The proposed policy will:

Establish a charge-off policy for open-end and closed-end credit based on delinquency under one of two possible time frames.
Provide guidance for loans affected by bankruptcy, fraud, and death.
Broaden the recognition of partial payments that qualify as a full payment.
Establish standards for re-aging, extending, deferring, or rewriting past due accounts.
Classify certain delinquent residential mortgage and home equity loans.

The FFIEC is requesting comment on all aspects of the proposed policy statement. In addition, the FFIEC also is asking for comment on a number of issues affecting the charge-off policy and will consider the responses before developing the final policy statement.

All comments should be submitted to Keith Todd, Acting Executive Secretary, Federal Financial Institutions Examination Council, 2100 Pennsylvania Avenue NW, Suite 200, Washington, D.C. 20037, or by fax to (202) 634-6556. Comments must be received by September 4, 1998.

If you have any questions concerning these proposed revisions, you may contact, at the Federal Reserve Board, Bill Coen, Supervisory Financial Analyst, (202) 452-5219, or, at this Bank, a member of the portfolio management team responsible for your bank.

By continuing to use our site, you agree to our Terms of Use and Privacy Statement. You can learn more about how we use cookies by reviewing our Privacy Statement.