Federal Reserve Board

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency

[Docket No. 98-17]

FEDERAL RESERVE SYSTEM

[Docket No. R-1022]

FEDERAL DEPOSIT INSURANCE CORPORATION

DEPARTMENT OF THE TREASURY
Office of Thrift Supervision

[Docket No. 98-93]

Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure

AGENCIES: Office of the Comptroller of the Currency, Treasury; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; and Office of Thrift Supervision, Treasury.

ACTION: Notice of Interagency Policy Statement.

SUMMARY: The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) (collectively, the Agencies) are adopting a uniform interagency policy statement regarding intercompany tax allocation agreements for banking organizations and savings associations (institutions) that file an income tax return as members of a consolidated group. The intent of this interagency policy statement is to provide guidance to institutions regarding the allocation and payment of taxes among a holding company and its depository institution subsidiaries. In general, intercorporate tax settlements between an institution and its parent company should be conducted in a manner that is no less favorable to the institution than if it were a separate taxpayer. This policy statement is the result of the Agencies' ongoing effort to implement section 303 of the Riegle Community Development and Regulatory Improvement Act of 1994 (CDRI Act), which requires the Agencies to work jointly to make uniform their regulations and guidelines implementing common statutory or supervisory policies.

DATES: This interagency policy statement is effective November 23, 1998.

FOR FURTHER INFORMATION CONTACT:

OCC: Gene Green, Deputy Chief Accountant, (202/874-4933), or Tom Rees, Senior Accountant, (202/874-5411), Office of the Chief Accountant, Core Policy Division, Office of the Comptroller of the Currency, 250 E Street, S.W., Washington, D.C. 20219.

Board: Charles Holm, Manager, (202/452-3502), or Arthur Lindo, Supervisory Financial Analyst, (202/452-2695), Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System, 20th and C Streets, N.W., Washington, D.C. 20551. For the hearing impaired only, Telecommunication Device for the Deaf (TDD), Diane Jenkins (202/452-3544).

FDIC: For supervisory issues, Robert F. Storch, Chief, (202/898-8906), or Carol L. Liquori, Examination Specialist, (202/898-7289), Accounting Section, Division of Supervision; for legal issues, Jamey Basham, Counsel, (202/898-7265), Legal Division, FDIC, 550 17th Street, N.W., Washington, D.C. 20429.

OTS: Timothy J. Stier, Chief Accountant, (202/906-5699), or Christine Smith, Capital and Accounting Policy Analyst, (202/906-5740), Accounting Policy Division, Office of Thrift Supervision, 1700 G Street, N.W., Washington, DC 20552.

Summary and notice of interagency policy statement (26 KB PDF)

1998 Banking and consumer regulatory policy


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Last update: December 7, 1998, 6:00 PM