We are aware of one example of regulatory guidance on OREO, and while we are not aware of others offhand, there may be more:

In 2011, both the Federal Reserve and the OCC published letters on the use of asset-exchanges by smaller community banks. They explain that banks are starting to dispose of nonperforming assets and other real estate owned (OREO) through third parties, which offer to purchase such assets and replace them with performing assets (usually an interest in an LLC). The letters explain the risks of this strategy, ways to mitigate the risks, and possible supervisory actions. The Federal Reserve letter (SR 11-15) can be found here, and the OCC bulletin (OCC 2011-10) can be found here.