Summary: | Section 301 of the Emergency Economic Stabilization Act of 2008 (EESA) provides tax relief to banks that have suffered losses on certain holdings of Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) perpetual preferred stock by changing the character of these losses from capital to ordinary for federal income tax purposes. The federal banking agencies will allow banks to recognize the effect of the tax change enacted in Section 301 of EESA in their third quarter 2008 regulatory capital calculations. |
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To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html . Paper copies of FDIC financial institution letters may be obtained via the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562- 2200).
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Additional Related Topics:
- Consolidated Reports of Condition and Income (Call Report)
- Regulatory Capital Standards (Part 325 of the FDIC's Regulations)