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B-331977 1 (2020-03-18)

handle is hein.gao/gaobaeawl0001 and id is 1 raw text is: G 'A O U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-331977 March 18, 2020 The Honorable Mike Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Federal Deposit Insurance Corporation: Securitization Safe Harbor Rule Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Federal Deposit Insurance Corporation (FDIC) entitled Securitization Safe Harbor Rule (RIN: 3064-AF09). We received the rule on March 12, 2020. It was published in the Federal Register as a final rule on March 4, 2020. 85 Fed. Reg. 12724. The effective date of the rule is May 4, 2020. The final rule revises FDIC's rule entitled Treatment of financial assets transferred in connection with a securitization or participation (the Securitization Safe Harbor Rule). According to FDIC, the Securitization Safe Harbor Rule addresses circumstances that may arise if FDIC is appointed receiver or conservator for an insured depository institution (IDI) that has sponsored one or more securitization transactions. FDIC stated that this final rule removes the requirement of the Securitization Safe Harbor Rule that the documents governing a securitization transaction require compliance with Regulation AB of the Securities and Exchange Commission in circumstances where, under the terms of the Regulation AB itself, Regulation AB is not applicable to the transaction. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). It was published in the Federal Register as a final rule on March 4, 2020. 85 Fed. Reg. 12724. The Senate received the rule on March 16, 2020, and the Congressional Record does not indicate when the House of Representatives received it. 166 Cong. Rec. S1777 (daily ed. March 17, 2020). The rule has a stated effective date of May 4, 2020. Therefore the final rule does not have the required 60-day delay in its effective date.

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