InfoBytes, October 1, 2010 - Weekly In-depth review of news & developments in the financial services industry


Topics In This Issue

• Federal Issues

• State Issues

• Courts

• Firm News

• Miscellany

• Mortgages

• Banking

• Consumer Finance

• Securities

• Litigation

• E-Financial Services

• Criminal Enforcement Action

Excerpt from "Federal Issues"

FDIC Extends Safe Harbor Protection for Securitizations and Participations. On September 27, the Federal Deposit Insurance Corporation (FDIC) approved a final rule that extends through December 31, 2010 the Safe Harbor Protection for Treatment by the FDIC as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Connection With a Securitization or Participation. Under this safe harbor, all securitizations or participations in process before the end of 2010 are permanently grandfathered under the existing terms of 12 C.F.R. Part 360.6, which confirms the basis on which the FDIC will not seek to recover assets transferred in connection with a securitization or a participation in the event of a failure of an insured depository institution. The safe harbor had been set to expire on September 30, 2010.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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