Regulators Propose Card Chargeoffs At 150 Days

Banking regulators have proposed tightening the timetable by which credit card issuers must charge off delinquent debts. The regulators noted that delinquent credit risks have mounted since 1980 when the existing rule was established. The Federal Financial Institutions Examination Council seeks to c...

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Bibliographic Details
Published in:The American banker 1998-07, Vol.163 (127), p.1
Main Author: McCONNELL, BILL
Format: Article
Language:English
Subjects:
Bank credit cards
Banking industry
Credit and debit card industry
Credit card industry
Laws, regulations and rules
Online Access:Get full text
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Summary:Banking regulators have proposed tightening the timetable by which credit card issuers must charge off delinquent debts. The regulators noted that delinquent credit risks have mounted since 1980 when the existing rule was established. The Federal Financial Institutions Examination Council seeks to create a uniform chargeoff requirement, 150 days, for all types of consumer loans.
ISSN:0002-7561
1945-578X