NCUA previously proposed to amend its regulations regarding the treatment by NCUA, as liquidating agent or conservator of a federally insured credit union, of financial assets transferred by the credit union in connection with a securitization or participation. The proposed rule extended the safe harbor for financial assets transferred in compliance with the existing regulation and defined the conditions for safe harbor protection for transfers under the proposed rule. NCUA is working toward taking the next steps in the regulatory process.