On May 11, the FDIC approved a Notice of Proposed Rulemaking proposing a rule which would govern the treatment by the FDIC, as conservator or receiver of a failed bank, of financial assets previously transferred by the bank in a securitization. The proposed rule would create a safe harbor to confirm legal isolation of these financial assets if certain conditions are satisfied. Orrick Client Alert. Orrick Guide to NPR. FDIC Release. NPR.