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On Sept. 27, the Board of Directors of the Federal Deposit Insurance Corp. voted to adopt revised safe-harbor rules regarding its treatment as a receiver or conservator of an insured depository institution with respect to financial assets that were securitized by the seized IDI. Since 2000, the FDIC has provided safe-harbor rules that confirmed, in the event of a bank failure, the FDIC would not attempt to reclaim assets transferred into a securitization if an accounting sale had occurred by reason of the securitization.

When the Financial Accounting Standards Board revised the generally accepted accounting principles applicable to securitizations in 2009, the FDIC, in response to industry inquiry, released an Advance Notice of Proposed Rulemaking, setting forth proposals for a new safe harbor dealing with securitization transactions. The ANPR went far beyond using accounting treatment as a basis for dealing with IDI-securitized assets, however, and proposed new rules to govern the FDIC’s treatment of such assets.

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