On July 24th, the FDIC published amendments to its rules prohibiting insured savings associations from acquiring or retaining a corporate debt security unless it determines, prior to acquiring such security and periodically thereafter, that the issuer has adequate capacity to meet all financial commitments under the security for the projected life of the investment. Under the rules, an issuer would satisfy this requirement if, based on the assessment of the savings association, the issuer presents a low risk of default and is likely to make full and timely repayment of principal and interest. The amendments revise the phrase "projected life of the investment'' to "projected life of the security." The amendments are effective immediately. 77 FR 43151; 77 FR 43155.