November 12, 2009, the Board of the FDIC approved an interim rule that provides some crucial transitional relief relating to recent changes in US accounting standards for securitizations. One of the key impacts of the accounting changes is that banks, among other entities, will no longer be able to achieve sale treatment in securitizations of credit card and other receivables using many traditional structures. Among other issues, this change creates uncertainty about the continuing availability of the FDIC's rule (the "Safe Harbor") relating to the treatment of securitizations in receivership or conservatorship (12 CF 360.6).

Please join Mayer Brown attorneys Jason Kravitt, Robert Hugi and Stuart Litwin for our next 30-minute teleconference where they will provide details on the FDIC's interim rule and the impact of recent changes to accounting standards for securitizations.

Thursday, November 19, 2009
11:00 a.m. - 11:30 a.m. EST
10:00 a.m. - 10:30 a.m. CST
8:00 a.m. - 8:30 a.m. PST
4:00 p.m. - 4:30 p.m. GMT

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For additional information, please contact Ellen Hotter at ehotter@mayerbrown.com or +1 212 506 2331.

Mayer Brown's Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm's global resources from multiple practices and offices, the Initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.

Visit Mayer Brown's Financial Market Distress - Resources site for a compilation of links to the latest documents issued by regulatory and other governmental agencies worldwide, and additional commentary by Mayer Brown. Please bookmark it and check back often to stay informed on this rapidly evolving situation.