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NEWS RELEASE 2008
Oct. 13, 2008
ABA Media Contact: Jonathan Snowling
(202) 663-5468
E-mail:jsnowlin@aba.com
ABA CALLS ON SEC TO OVERRIDE RECENT FASB GUIDANCE ON FAIR VALUE
WASHINGTON-The American Bankers Association sent a letter today to SEC Chairman Cox requesting that among other things, the SEC override the Financial Accounting Standards Board Staff Position issued last week on how banks and their auditors are required to apply FASB Statement No. 157. The letter urges the SEC to address in a more meaningful way the problems of using fair value in dysfunctional markets.
The letter also notes that yesterday 15 European countries moved to make the types of accounting changes ABA has been advocating, but that FASB on Friday, as a practical matter, failed to implement.
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The American Bankers Association brings together banks of all sizes and charters into one association. ABA works to enhance the competitiveness of the nation's banking industry and strengthen America’s economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry’s $13.3 trillion in assets and employ over 2 million men and women.
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