WASHINGTON Aug 4 U.S. regulators on Tuesday
said they harbor serious concerns about the timing of new
accounting rules that could force banks to move more assets
onto their books.
Sheila Bair, chairman of the Federal Deposit Insurance
Corp, said the timing of the implementation of the so-called
off-balance-sheet rules "gives me some heartburn" and could
hamper the recovery of the securitization market.
The Financial Accounting Standards Board made changes in
May to rules that could force banks to move more assets onto
their books, and could affect trillions of dollars of
off-balance-sheet assets when they take effect in 2010.
U.S. Comptroller of the Currency John Dugan also said
during a Senate Banking Committee hearing that he is concerned
about the timing of the implementation and said regulators will
issue guidance "shortly" on how banks should handle the
(Reporting by Karey Wutkowski, editing by Gerald E.