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FDIC RIN: 3064-AD53 Publication ID: Fall 2010 
Title: Defining Safe Harbor Protection for Treatment by the FDIC as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution 
Abstract: The Federal Deposit Insurance Corporation (FDIC) is amending its regulation codified at 12 CFR section 360.6, Defining Safe Harbor Protection for Treatment By The Federal Deposit Insurance Corporation As Conservator Or Receiver Of Financial Assets Transferred In Connection With A Securitization Or Participation. The amendment adds a new subparagraph (b)(2) in order to continue for a limited time the safe harbor provision of section 360.6(b) for participations or securitizations that would be affected by recent changes to generally accepted accounting principles. In effect, the Interim Rule “grandfathers” all participations and securitizations for which financial assets were transferred or, for revolving securitization trusts, for which securities were issued prior to March 31, 2010 so long as those participations or securitizations complied with the preexisting section 360.6 under generally accepted accounting principles in effect prior to November 15, 2009. The transitional safe harbor will apply irrespective of whether or not the participation or securitization satisfies all of the conditions for sale accounting treatment under generally accepted accounting principles as effective for reporting periods after November 15, 2009. The FDIC is intending to publish in December 2009, a Notice of Proposed Rulemaking to amend section 360.6 further regarding the treatment of participations and securitizations issued after March 31, 2010. 
Agency: Federal Deposit Insurance Corporation(FDIC)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 360.6   
Legal Authority: 12 USC 1821(d)(1)    12 USC 1821(d)(10)(C)    12 USC 1821(d)(11)    12 USC 1821(e)(1)    12 USC 1821(e)(8)(D)(i)    12 USC 1823(c)(4)    12 USC 1823(e)(2)    PL 101-73    103 Stat 357   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Interim Final Rule  11/17/2009  74 FR 59066   
Interim Final Rule Comment Period End  01/04/2010    
NPRM  05/17/2010  75 FR 27471   
NPRM Comment Period End  07/01/2010  75 FR 27471   
Final Action  12/00/2010    
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
Public Comment URL: www.FDIC.gov/regulations/laws/federal/notices.html  
RIN Data Printed in the FR: No 
Agency Contact:
Michael Krimminger
Senior Policy Analyst, Division of Resolution and Receiverships
Federal Deposit Insurance Corporation
Washington, DC 20429
Phone:202 898-8950

R. Penfield Starke
Deputy General Counsel
Federal Deposit Insurance Corporation
550 17th Street NW,
Washington, DC 20429
Phone:202 898-8501
Email: ristarke@fdic.gov

George Alexander
Assistant Director, Division of Resolutions and Receiverships
Federal Deposit Insurance Corporation
550 17th Street NW.,
Washington, DC 20429
Phone:202 898-3718
Email: galexander@fdic.gov