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ARTICLE · 20 MAY 2010

FDIC Proposal Links Market Reform to the Securitization Safe Harbor

Mayer Brown
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On May 11, 2010, the Board of the Federal Deposit Insurance Corporation (FDIC) released a notice of proposed rulemaking (NPR) concerning the FDIC’s rule (the Rule) relating to the treatment of securitizations (and participations) in receivership or conservatorship (12 CFR 360.6).

United StatesFinance and Banking
Jason Kravitt
Jason Kravitt
Jeffrey Taft
Jeffrey Taft
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Originally published May 18, 2010

Keywords: FDIC proposal, market reform, securitization safe harbor, NPR, risk retention requirement,

On May 11, 2010, the Board of the Federal Deposit Insurance Corporation (FDIC) released a notice of proposed rulemaking1 (NPR) concerning the FDIC's rule (the Rule) relating to the treatment of securitizations (and participations2) in receivership or conservatorship (12 CFR 360.6). This is the latest step in the FDIC's reaction to changes in US accounting standards3 that made it difficult for banks4 to use the Rule. Comments on the NPR must be received by July 1, 2010.

The NPR proposes significant new requirements in order for bank-sponsored5 residential mortgage-backed securities (RMBS) and other asset-backed securities (ABS) to rely on the Rule. Some of these proposals overlap with the recent proposal by the Securities and Exchange Commission (SEC) to amend Regulation AB and other securities regulations and forms relating to

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