The Federal Housing Finance Board has informed the regional Federal Home Loan Banks that it will not extend the August 29 deadline for registering with the Securities and Exchange Commission, according to Dow Jones.
Last year, the board required that the 12 regional banks — which have long been exempt from most securities disclosure rules, noted the wire service — to register with the SEC. Seven banks have done so, but in the past week or so, the banks for Atlanta, Dallas, Des Moines, Indianapolis, and Topeka announced that they will miss the Monday deadline.
These five banks are still trying to resolve outstanding issues, concerning derivatives and hedging, with the commission and their external auditors, the board noted. As a result, reported the wire service, the five institutions will each need to restate several years of earnings.
Indeed, on Tuesday the Federal Home Loan Bank of Dallas announced that it will restate its financials for 2001 through 2004, and for the quarters from January 1, 2003, through the first quarter of 2005. And last week the Federal Home Loan Bank of Indianapolis announced a restatement for those same periods.
The board added that its Office of Supervision must review and approve all future dividend payouts by late filers until they complete any earnings restatements and fully register with the SEC, the wire service also reported.