In ordinary quarters, this item would be worth blogging home about. This quarter, it risks getting lost in the RAFSA commotion.

On May 27, the FASB wants to vastly expand the use of mark-to-market accounting. In a draft ruling posted on its Web site, the FASB proposed that banks value unfunded loan commitments and loans they plan to hold to maturity in the same way they currently value loans they intend to sell. The rule would also change the way deposits Operations Report are valued. If approved, the new rule could alter the banking landscape.

The public comment period ends September 30. Public roundtables will be held in October. Once the comments are in, the FASB will deliberate again before releasing any final rule changes.