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This provision requires that a financial institution must produce records relating to "any account opened, maintained, administered, or managed in the United States" upon request from an appropriate federal banking agency. The Accurate Accounting Standards Certification Act of 1997 (S 1560) essentially absolves banks from any Financial Accounting Standards Board statements on derivatives unless the appropriate federal banking agency certifies that the FASB standards would (1) help the entity more accurately reflect assets, liabilities and earnings and (2) not diminish the use of risk management practices. The federal banking and thrift institution regulatory agencies issued on February 28, 2005, an interagency advisory to remind financial institutions that they are prohibited by law from disclosing their CAMELS rating and other nonpublic supervisory information without permission from the appropriate federal banking agency. |
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