In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker dealers, market infrastructures, asset managers and corporates.
Bank Prudential Regulation & Regulatory Capital
US Federal Deposit Insurance Corporation Issues Proposal Revising Provisions Of Securitization Safe Harbor Rule
On January 21, 2015, the US Federal Deposit Insurance Corporation ("FDIC") issued a proposed rule revising certain provisions of the Securitization Safe Harbor rule regarding the treatment of financial assets transferred in the process of a securitization or participation in a FDIC receivership. The rule, if finalized as proposed, would clarify the retention of economic interest in the credit risk of securitized financial assets. The amendment would be effective on the same timeline as the credit risk retention rule adopted under Section 15G of the Securities Exchange Act.
The Federal Register notice is available at: http://www.gpo.gov/fdsys/pkg/FR-2015-01-30/pdf/2015-01499.pdf.
US Federal Deposit Insurance Corporation Issues Proposal Amending Regulations Related To "Fair Credit Reporting"
On January 21, 2015, the FDIC issued a proposed rule amending regulations related to "Fair Credit Reporting." The three proposed amendments are as follows: (i) rescinding and removing the provisions of FDIC's Part 334; (ii) rescinding and removing 12 CFR Part 391 Subpart C and amending 12 CFR Part 334 of the FDIC's existing Rules and Regulations; and (iii) amending the definition of "creditor" in the Red Flag Identity Theft rule to implement the Red Flag Program Clarification Act of 2010. Overall, the revisions would streamline FDIC rules and eliminate unnecessary regulations.
The Federal Register notice is available at: http://www.gpo.gov/fdsys/pkg/FR-2015-01-30/pdf/2015-01499.pdf.
View newsletter, Financial Regulatory Developments Focus
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