Today, the FDIC announced that its Board of Directors has approved an extension through September 30, 2010, of 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." The safe harbor had been scheduled to expire on March 31, 2010. Under the terms of the extension,"all securitizations or participations in process through September 30, 2010 are permanently grandfathered under the existing terms of 12 C.F.R. Part 360.6." The FDIC's December proposed rulemaking on final standards for future safe harbor protections is still pending.