The Federal Reserve Board issues as final a rule amending
its international lending regulations (
www.federalreserve.gov/boarddocs/press/bcreg/2003/20030106/attachment.pdf
). To simplify matters and thus reduce banks’ regulatory burden,
the board’s action eliminates from subpart D of Regulation K the
requirement they use a particular method to account for fees on
international loans. Instead, the new provision, which took effect
February 10, instructs banks to follow GAAP in accounting for such
fees.
Banking
