That is crazy, but we've heard it before a couple of times here on BOL. You said that they would be issuing a memo soon. Well it's May of 2004. These new rules went into affect on 1/1/04. When do they plan to issue this memo?
Second, no other regulator has come up with this new definition. The FRB wrote Reg C. Why does the FDIC feel like they can change a definition on their own.
Third, I asked a few FDIC examiners in the Kansas City Region about this and they said that they were not aware of it. I'm not sure where you are from, but I don't think this is a nation wide interpretation.