[Federal Register Volume 75, Number 57 (Thursday, March 25, 2010)]
[Rules and Regulations]
[Pages 14330-14331]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-6555]


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FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 360

RIN 3064-AD55


Transitional Safe Harbor Protection for Treatment by the Federal 
Deposit Insurance Corporation as Conservator or Receiver of Financial 
Assets Transferred by an Insured Depository Institution in Connection 
With a Securitization or Participation

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Final rule; correction.

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SUMMARY: The Federal Deposit Insurance Corporation (FDIC) is correcting 
a final rule that appeared in the Federal Register of March 18, 2010 
(75 FR 12962). The final rule added a new provision in order to 
continue for a limited time the safe harbor provision for 
securitizations that would be affected by recent changes to generally 
accepted accounting principles. In effect, the Final Rule permanently 
``grandfathers'' all securitizations for which financial assets were 
transferred or, for revolving trusts, for which securities were issued 
prior to September 30, 2010 so long as those securitizations complied 
with the

[[Page 14331]]

preexisting requirements under generally accepted accounting principles 
in effect prior to November 15, 2009.

DATES: Effective March 18, 2010.

FOR FURTHER INFORMATION CONTACT: Michael Krimminger, Office of the 
Chairman, 202-898- 8950; George Alexander, Division of Resolutions and 
Receiverships, 202 898-3718; or R. Penfield Starke, Legal Division, 
703-562-2422, Federal Deposit Insurance Corporation, 550 17th Street, 
NW., Washington, DC 20429.

SUPPLEMENTARY INFORMATION: In the final rule published in the Federal 
Register of March 18, 2010 (75 FR 12962), an incorrect date was given 
for the publication of the interim rule published on November 17, 2009. 
and therefore the following corrections are made:
    1. On page 12963 the DATES section is corrected to read:
    Effective March 18, 2010, the Board of Directors of the Federal 
Deposit Insurance Corporation confirms as final with changes, the 
interim rule published on November 17, 2009 (74 FR 59066) .
    2. On page 12963, the final sentence of the Background statement is 
corrected to read:
    In response to industry concerns, the FDIC published an Interim 
Final Rule on November 17, 2009 (74 FR 59066) that addressed 
securitizations (and participations) issued before March 31, 2010.
    3. On page 12965, the amendatory language statement is corrected to 
read:
    For the reasons stated above, the Board of Directors of the Federal 
Deposit Insurance Corporation confirms as final, the interim rule 
amending chapter III of title 12 of the Code of Federal Regulations by 
amending Part 360 published on November 17, 2009 (74 FR 59066) with the 
following changes:

    Dated at Washington, DC, this 19th day of March 2010.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2010-6555 Filed 3-24-10; 8:45 am]
BILLING CODE 6714-01-P