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News Now

Washington
Frank open to fair-value accounting rule changes
WASHINGTON (10/23/08)--Changes to fair-value accounting rules could be on the House Financial Services Committee’s agenda next year, Chairman Barney Frank (D-Mass.) said Tuesday at a hearing on financial regulatory restructuring. Several financial services companies have complained that the rules have prevented them from establishing market prices (American Banker Oct. 22). Some changes to the rules would not require legislation, Frank added. Rather, the regulators could be urged to be more flexible with the rules, he said. Credit Union National Association (CUNA) Deputy General Counsel Mary Dunn said of the chairman’s comments, “This is extremely encouraging news and we would welcome a decision by the chairman and others to bring their thoughtful consideration to this problem. We hope he will look into this sooner rather than later.” CUNA said earlier this month that a Financial Accounting Standards Board’s (FASB) proposed accounting guidance does not go far enough to address key issues used to determine fair value for certain assets where there is an ability and intent to hold until recovery or maturity. CUNA has written a comment letter to FASB on the matter. To read the letter, use the link.


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