Transitional Safe Harbor Protection for Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Connection With a Securitization or Participation, 14330-14331 [2010-6555]
Download as PDF
<![CDATA[
14330
Federal Register / Vol. 75, No. 57 / Thursday, March 25, 2010 / Rules and Regulations
Entities covered
Exclusions
U.S. Department of Housing and
Urban Development, Office of
Community Planning and Development, Community Development Block Grants Recovery
(CDBG–R) (exclusion of Canadian iron, steel and manufactured products from domestic
purchasing restriction in Section
1605 of American Recovery and
Reinvestment Act of 2009).
U.S. Department of Housing and
Urban Development, Office of
Public and Indian Housing, Public Housing Capital Fund (exclusion of Canadian iron, steel and
manufactured products from domestic purchasing restriction in
Section 1605 of American Recovery and Reinvestment Act of
2009).
U.S. Environmental Protection
Clean Water and Drinking Water
State Revolving Funds Agency
for projects funded by reallocated ARRA funds where the
contracts are signed after February 17, 2010 (exclusion of Canadian iron, steel and manufactured products from domestic
purchasing restriction in Section
1605 of American Recovery and
Reinvestment Act of 2009).
mstockstill on DSKH9S0YB1PROD with RULES
States
Any recipient .................................
.......................................................
U.S.-Canada Agreement.
Any recipient .................................
.......................................................
U.S.-Canada Agreement.
Any recipient .................................
.......................................................
U.S.-Canada Agreement.
General Exceptions: The following
restrictions and exceptions are excluded from
U.S. obligations under international
agreements:
1. The restrictions attached to Federal
funds to States for mass transit and highway
projects.
2. Dredging.
The World Trade Organization
Government Procurement Agreement (WTO
GPA) Parties: Aruba, Austria, Belgium,
Bulgaria, Canada, Chinese Taipei (Taiwan),
Cyprus, Czech Republic, Denmark, Estonia,
Finland, France, Germany, Greece, Hong
Kong, Hungary, Iceland, Ireland, Israel, Italy,
Japan, Korea (Republic of), Latvia,
Liechtenstein, Lithuania, Luxembourg, Malta,
Netherlands, Norway, Poland, Portugal,
Romania, Singapore, Slovak Republic,
Slovenia, Spain, Sweden, Switzerland, and
United Kingdom.
The Free Trade Agreements and the
respective Parties to the agreements are:
(1) Dominican Republic-Central AmericaUnited States Free Trade Agreement (DR–
CAFTA): Costa Rica, Dominican Republic, El
Salvador, Guatemala, Honduras, and
Nicaragua;
(2) North American Free Trade Agreement
(NAFTA): Canada and Mexico;
(3) United States-Australia Free Trade
Agreement (U.S.-Australia FTA);
(4) United States-Bahrain Free Trade
Agreement (U.S.-Bahrain FTA);
(5) United States-Chile Free Trade
Agreement (U.S.-Chile FTA);
(6) United States-Israel Free Trade
Agreement (U.S.-Israel FTA);
VerDate Nov<24>2008
16:29 Mar 24, 2010
Jkt 220001
(7) United States-Morocco Free Trade
Agreement (U.S.-Morocco FTA);
(8) United States-Oman Free Trade
Agreement (U.S.-Oman FTA);
(9) United States-Peru Trade Promotion
Agreement (U.S.-Peru TPA); and
(10) United States-Singapore Free Trade
Agreement (U.S.-Singapore FTA).
United States-European Communities
Exchange of Letters (May 30, 1995) (U.S.-EC
Exchange of Letters) applies to EC Member
States: Austria, Belgium, Bulgaria, Cyprus,
Czech Republic, Denmark, Estonia, Finland,
France, Germany, Greece, Hungary, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta,
Netherlands, Poland, Portugal, Romania,
Slovak Republic, Slovenia, Spain, Sweden,
and United Kingdom.
Agreement between the Government of
Canada and the Government of the United
States of America on Government
Procurement (Feb. 10, 2010) (U.S.-Canada
Agreement): Applies only to Canada.
[FR Doc. 2010–6548 Filed 3–24–10; 8:45 am]
BILLING CODE P
PO 00000
Frm 00008
Fmt 4700
Sfmt 4700
Relevant international agreements
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 360
RIN 3064–AD55
Transitional Safe Harbor Protection for
Treatment by the Federal Deposit
Insurance Corporation as Conservator
or Receiver of Financial Assets
Transferred by an Insured Depository
Institution in Connection With a
Securitization or Participation
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Final rule; correction.
SUMMARY: The Federal Deposit
Insurance Corporation (FDIC) is
correcting a final rule that appeared in
the Federal Register of March 18, 2010
(75 FR 12962). The final rule added a
new provision in order to continue for
a limited time the safe harbor provision
for securitizations that would be
affected by recent changes to generally
accepted accounting principles. In
effect, the Final Rule permanently
‘‘grandfathers’’ all securitizations for
which financial assets were transferred
or, for revolving trusts, for which
securities were issued prior to
September 30, 2010 so long as those
securitizations complied with the
E:\FR\FM\25MRR1.SGM
25MRR1
Federal Register / Vol. 75, No. 57 / Thursday, March 25, 2010 / Rules and Regulations
preexisting requirements under
generally accepted accounting
principles in effect prior to November
15, 2009.
DATES: Effective March 18, 2010.
FOR FURTHER INFORMATION CONTACT:
Michael Krimminger, Office of the
Chairman, 202–898- 8950; George
Alexander, Division of Resolutions and
Receiverships, 202 898–3718; or R.
Penfield Starke, Legal Division, 703–
562–2422, Federal Deposit Insurance
Corporation, 550 17th Street, NW.,
Washington, DC 20429.
SUPPLEMENTARY INFORMATION: In the
final rule published in the Federal
Register of March 18, 2010 (75 FR
12962), an incorrect date was given for
the publication of the interim rule
published on November 17, 2009. and
therefore the following corrections are
made:
1. On page 12963 the DATES section is
corrected to read:
Effective March 18, 2010, the Board of
Directors of the Federal Deposit
Insurance Corporation confirms as final
with changes, the interim rule
published on November 17, 2009 (74 FR
59066) .
2. On page 12963, the final sentence
of the Background statement is
corrected to read:
In response to industry concerns, the
FDIC published an Interim Final Rule
on November 17, 2009 (74 FR 59066)
that addressed securitizations (and
participations) issued before March 31,
2010.
3. On page 12965, the amendatory
language statement is corrected to read:
For the reasons stated above, the
Board of Directors of the Federal
Deposit Insurance Corporation confirms
as final, the interim rule amending
chapter III of title 12 of the Code of
Federal Regulations by amending Part
360 published on November 17, 2009
(74 FR 59066) with the following
changes:
Dated at Washington, DC, this 19th day of
March 2010.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2010–6555 Filed 3–24–10; 8:45 am]
BILLING CODE 6714–01–P
mstockstill on DSKH9S0YB1PROD with RULES
SMALL BUSINESS ADMINISTRATION
13 CFR Part 123
RIN 3245–AF98
Disaster Assistance Loan Program
AGENCY: U. S. Small Business
Administration (SBA).
VerDate Nov<24>2008
16:29 Mar 24, 2010
Jkt 220001
ACTION:
Direct final rule.
SUMMARY: SBA is amending its disaster
assistance regulations to reflect statutory
changes to the disaster assistance
program contained in the Food,
Conservation, and Energy Act of 2008
(the Farm Act). Except for several
grammatical corrections, this direct final
rule conforms the regulations to the
Farm Act by adopting the new statutory
requirements without change.
DATES: This rule is effective May 10,
2010 without further action, unless
significant adverse comment is received
by April 26, 2010. If significant adverse
comment is received, SBA will publish
a timely withdrawal of the rule in the
Federal Register.
ADDRESSES: You may submit comments,
identified by RIN 3245–AF98, by any of
the following methods: (1) Federal
Rulemaking Portal: https://
www.regulations.gov, following the
specific instructions for submitting
comments; (2) FAX (202) 481–2226; or
E-mail: James.Rivera@sba.gov; or (3)
Mail/Hand Delivery/Courier: James E.
Rivera, Associate Administrator for
Disaster Assistance, 409 3rd Street, SW.,
Washington, DC 20416.
FOR FURTHER INFORMATION CONTACT:
Roger B. Garland, Office of Disaster
Assistance, 202–205–6734 or
Roger.Garland@sba.gov.
Section
7(b) of the Small Business Act, 15 U.S.C.
636(b), authorizes SBA to make longterm disaster loans to homeowners,
renters, businesses, and non-profit
organizations that have been adversely
affected by a declared disaster. The
Farm Act, Public Law 110–246, enacted
June 18, 2008, amended the Small
Business Act and authorized changes to
make the disaster assistance program
more accessible to disaster victims by
raising the statutory loan limit for loans
to businesses, increasing the collateral
threshold, and amending the basis for
calculation of eligibility for post-disaster
mitigation funds. The legislation also
amended the statutory definition of
disaster to include ice storms and
blizzards, deferred the additional
payment on net earnings for certain
business loans for five years, and
extended eligibility for economic injury
disaster loan assistance to non-profit
organizations. Finally, the legislation
amended the date for determining the
applicant’s status as a major source of
employment for Military Reserve
Economic Injury Disaster Loan
applicants. The regulatory amendments
described below reflect these statutory
changes.
SUPPLEMENTARY INFORMATION:
PO 00000
Frm 00009
Fmt 4700
Sfmt 4700
14331
Section-by-Section Analysis
SBA is amending section 123.11 to
reflect that SBA will not require a
borrower to pledge collateral on a
disaster home loan or a physical disaster
business loan of $14,000 or less. The
present threshold is $10,000, so the
Farm Act raised the amount by $4,000.
As contemplated by the statute, the
regulation will also authorize the
Administrator to increase the $14,000
threshold in the event of a major
disaster.
SBA is amending sections 123.202(a)
and 123.202(b) to reflect the increased
aggregate loan limit for businesses and
non-profit organizations from $1.5
million to $2 million. The change
applies to both physical and economic
injury disaster loans to the same
borrower, together with its affiliates.
The loan limit may be waived if the
borrower is a major source of
employment as described in the section
presently. SBA is adding a new
paragraph (e) to section in 123.202
which, as authorized by the Farm Act,
states that a higher loan limit may be
established by the Administrator for a
particular disaster based on appropriate
economic indicators for the region in
which that disaster occurred.
SBA is adding a new paragraph (c) to
section 123.203(c) to describe the
supplementary payment, based on a
percentage of net earnings that may be
required to reduce the balance of a
disaster loan. To reflect the recent
statutory changes, SBA specifies that the
supplementary payment, if applicable,
will not be due until 5 years after
repayment of the loan commences. SBA
is also correcting a grammatical error in
the second sentence in section
123.203(a), by changing the word ‘‘have’’
to ‘‘has.’’
SBA is changing the method of
calculating eligibility for additional loan
funds for mitigation measures that
would protect the damaged property
from possible future disasters.
Currently, eligibility is calculated based
on the approved loan amount. The Farm
Act authorizes SBA to calculate
eligibility based on the verified loss
amount instead. Accordingly, SBA is
changing sections 123.105(a)(4), 123.107
and 123.204 to reflect that, for
mitigation purposes, the borrower can
request an increase in the approved loan
by the lesser of the cost of the mitigation
measure or up to 20 percent of the
verified loss before deducting
compensation from other sources. For
home loans only, to remain consistent
with the regulatory limits placed on
disaster home loan amounts generally,
mitigation is limited to a maximum of
E:\FR\FM\25MRR1.SGM
25MRR1
]]>Agencies
[Federal Register Volume 75, Number 57 (Thursday, March 25, 2010)]
[Rules and Regulations]
[Pages 14330-14331]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-6555]
=======================================================================
-----------------------------------------------------------------------
FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 360
RIN 3064-AD55
Transitional Safe Harbor Protection for Treatment by the Federal
Deposit Insurance Corporation as Conservator or Receiver of Financial
Assets Transferred by an Insured Depository Institution in Connection
With a Securitization or Participation
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Final rule; correction.
-----------------------------------------------------------------------
SUMMARY: The Federal Deposit Insurance Corporation (FDIC) is correcting
a final rule that appeared in the Federal Register of March 18, 2010
(75 FR 12962). The final rule added a new provision in order to
continue for a limited time the safe harbor provision for
securitizations that would be affected by recent changes to generally
accepted accounting principles. In effect, the Final Rule permanently
``grandfathers'' all securitizations for which financial assets were
transferred or, for revolving trusts, for which securities were issued
prior to September 30, 2010 so long as those securitizations complied
with the
[[Page 14331]]
preexisting requirements under generally accepted accounting principles
in effect prior to November 15, 2009.
DATES: Effective March 18, 2010.
FOR FURTHER INFORMATION CONTACT: Michael Krimminger, Office of the
Chairman, 202-898- 8950; George Alexander, Division of Resolutions and
Receiverships, 202 898-3718; or R. Penfield Starke, Legal Division,
703-562-2422, Federal Deposit Insurance Corporation, 550 17th Street,
NW., Washington, DC 20429.
SUPPLEMENTARY INFORMATION: In the final rule published in the Federal
Register of March 18, 2010 (75 FR 12962), an incorrect date was given
for the publication of the interim rule published on November 17, 2009.
and therefore the following corrections are made:
1. On page 12963 the DATES section is corrected to read:
Effective March 18, 2010, the Board of Directors of the Federal
Deposit Insurance Corporation confirms as final with changes, the
interim rule published on November 17, 2009 (74 FR 59066) .
2. On page 12963, the final sentence of the Background statement is
corrected to read:
In response to industry concerns, the FDIC published an Interim
Final Rule on November 17, 2009 (74 FR 59066) that addressed
securitizations (and participations) issued before March 31, 2010.
3. On page 12965, the amendatory language statement is corrected to
read:
For the reasons stated above, the Board of Directors of the Federal
Deposit Insurance Corporation confirms as final, the interim rule
amending chapter III of title 12 of the Code of Federal Regulations by
amending Part 360 published on November 17, 2009 (74 FR 59066) with the
following changes:
Dated at Washington, DC, this 19th day of March 2010.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2010-6555 Filed 3-24-10; 8:45 am]
BILLING CODE 6714-01-P
