Credit cards escape new FDIC rules

30 Sep 2010

US credit card issuers had a reprieve from the Federal Deposit Insurance Corp this week when it published its final rule on the legal isolation safe harbour for securitisations.

Existing master trusts of revolving assets that met the old accounting criteria for true sale, which would include credit card trusts for the likes of JPMorgan and Bank of America, will receive permanent grandfathering when the new rules come into effect at the end of the year.

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