The FDIC’s Board of Directors approved a final rule (the “Final Rule”) that will extend through December 31, 2010 safe harbor protection for applicable securitizations and participations in the event of an FDIC-insured bank’s failure. The Final Rule is similar to the FDIC’s extension of the safe harbor on March 11, 2010. For a discussion of the safe harbor and its extensions, see the June 16, 2009 Alert, the November 17, 2009 Alert and the March 16, 2010 Alert. A detailed discussion of the Final Rule will appear in a future issue of the Alert.
Alert September 28, 2010