On January 11, 2010, the Federal Reserve and the other financial regulators1 published an Advisory on Interest Rate Risk Management (SR letter 10-1, “Interagency Advisory on Interest Rate Risk”). Since its release, examiners and the industry have requested clarification of some specific recommendations in the advisory. In response to these questions, the financial regulators jointly developed the attached frequently asked questions (FAQs) document that provides interpretive guidance on some of these issues.