101 STAT. 606 Regulations.
PUBLIC LAW 100-86—AUG. 10, 1987
"(1) IN GENERAL.—Except a s otherwise provided in t h i s section, the Board shall prescribe, by regulation, uniformly applicable accounting standard s to be used by all associations for the purpose of determining compliance with any r u l e or
- •: regulation issued by the Board or the Federal Savings and Loan
Insurance Corporation to the s a m e degree that generally accepted accounting principles a r e used to determine compliance w i t h rules and regulations of the Federal b a n k i n g agencies. "(2)
EXCEPTION
FOR CERTAIN
INSTITUTIONS
A N D TRANS-
ACTIONS.—Notwithstanding the requirement contained in paragraph (1)(A), the Board may suspend the application of any such standard w i t h respect to any association or t r a n s a c t i o n if— "(A) the application of such standard to a n association and a company that controls such association would result in such association and company being t r e a t e d differently than a b a n k and such b a n k ' s holding company considered on a consolidated basis; and it. vv "(B) the t r a n s a c t i o n w a s consistent w i t h generally im^^i accepted accounting principles w h e n such t r a n s a c t i o n w a s completed. "(c) ASSET EVALUATIONS.—The Board may not r e q u i r e a n association to establish reserves against, or w r i t e down the v a l u e of, any asset in a n a m o u n t i n excess of the a m o u n t which would r e s u l t from a n evaluation of such asset which is consistent w i t h generally accepted accounting principles, except that evaluations which a r e consistent w i t h the practice of the Federal b a n k i n g agencies may be used for supervisory purposes. "(d) ACCOUNTING FOR SUBORDINATED D E B T A N D G O O D W I L L. — N o
> i
provision of this section shall affect the authority of the Board to authorize associations to utilize subordinated debt and goodwill in meeting reserve and other r e g u l a to r y requirements. "(e) Loss DEFERRALS.—Notwithstanding any other provision of this section— "(1) associations may continue, for purposes of determining regulatory n e t w o r t h and capital, to defer and amortize gains and losses from the disposition of assets pursuant to regulations of the Board in effect before the e n a c t m e n t of the Thrift Indust r y Recovery Act; and "(2) the u s e of such deferrals and amortizations, consistently with the regulations referred to i n paragraph (1), shall not reduce the ability of a n association to comply w i than y other r u l e issued or regulation prescribed by the Board. "(f) FEDERAL B A N K I N G A G E N C Y D E F I N E D. — For purposes of t h i s
section, the term 'Federal b a n k i n g agency' means the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation.". (b) STATE CHARTERED, FEDERALLY INSURED T H R I F T S. — Title IV of
12 USC 1730h. Regulations.
the National Housing Act (12 U.S.C. 1724 e t seq.) is amended by adding a t the e n d thereof the following new section: "SEC. 415. ACCOUNTING PRINCIPLES AND OTHER STANDARDS AND REQUIREMENTS. "(a) IN GENERAL.—The Corporation shall prescribe regulations which m a k e the following provisions applicable to insured institutions for regulatory purposes:
�
