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