FDIC To Clarify Cos. Subject To Its Liquidation Authority

Law360, New York (June 15, 2012, 6:13 PM EDT) -- The Federal Deposit Insurance Corp. on Monday proposed amending the definition of “financial activities” in a rule created to provide guidelines for when a financial company enters the liquidation process.

Too much confusion was created by the March 2011 rule, which did not contain the specific definitions, the FDIC said in a statement about the change.

By adding definitions such as businesses that lend, exchange, transfer, invest for others, or safeguard money and securities, the FDIC said it will be able to tell more easily if...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.