FDIC Board Approves Final Rule Regarding Safe Harbor Protections

On Monday, September 27, 2010, the FDIC Board of Directors approved a final rule extending through December 31, 2010 the Safe Harbor Protection for Treatment by the FDIC as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Connection With a Securitization or Participation.  This final rule ensures that securitizations or participations in process before the end of 2010 will be permanently grandfathered under the existing terms of treatment.

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FDIC Board Proposes Rules on Temporary Unlimited Deposit Insurance Coverage for Noninterest-Bearing Transaction Accounts

Also on Monday, September 27, 2010, the FDIC Board of Directors proposed a rule implementing provisions from the Dodd-Frank Wall Street Reform and Consumer Protection Act providing all FDIC-insured institutions "unlimited deposit insurance coverage on noninterest-bearing transaction accounts beginning December 31, 2010 through December 31, 2012."  The proposed rule is similar to the FDIC program initiated in 2008 at participating banks.

SEC Amends Regulation FD

On Wednesday, September 29, 2010, the SEC released a final rule amending Regulation FD to remove the specific exemption from the rule for statistical rating organizations and credit rating agencies.  This amendment implements Section 939B of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.  Regulation FD requires that when an issuer discloses material nonpublic information to certain entities, it must disclose that information publicly.

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SEC Proposes Rules Regarding Representations and Warranties in Asset Backed Securities Offerings

On Monday, October 4, 2010, the SEC proposed rules regarding representations and warranties in asset-backed securities offerings, including requiring securitizers of asset backed securities to disclose both fulfilled and unfulfilled repurchase requests for all transactions.  The rules were proposed pursuant to Section 943 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

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Financial Stability Oversight Council Holds First Meeting

On Friday, October 1, 2010, the Financial Stability Oversight Council held its inaugural meeting.  The Council, established under the Dodd Frank Wall Street and Consumer Protection Act, aims to identify threats to financial stability and respond to those risks in order to ensure the continued stability of the United States financial system.  At the meeting, the Council approved the bylaws, the transparency policy, an advance notice of proposed rulemaking for nonbank financial companies, a notice and request for information concerning the "Volcker Rule," and an integrated implementation roadmap.

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