OCC Responds on Credit Card Proposal

WASHINGTON — The Office of the Comptroller of the Currency responded today to a request that it approve a new workout program for troubled credit card borrowers. In its response, the agency noted that while the OCC strongly encourages national banks to work with distressed borrowers, the agency cannot approve a plan that defers the timely recognition of losses, since that would compromise the transparency and integrity of a bank's financial reports and could lead to a loss of public confidence in the banking system.

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• Response