FDIC Accountant: Watch September board meeting for Safe Harbor rule
The Federal Deposit Insurance Corporation could issue its final ruling on the range of conditions securitized assets must meet to qualify for "safe harbor" that protects them when a bank falls into receivership or conservatorship, its chief accountant suggested Monday. The FDIC is "very well aware" of the September 30 expiration of the transitional ruling, chief accountant Robert Storch said during the first day of the AICPA National Banks & Institutions Conference that ends on Wednesday. So the staff have been working on what the final rules would be, he continued, which, however, haven't gone to the Board yet. The schedule for the September Board meeting has not been made public yet, but Storch said, "If this is of interest to you, watch for FDIC's announcement at the late September Board meeting."