FDIC Guidance on Due Diligence Requirements for Savings Associations in Determining Whether a Corporate Debt Security Is Eligible for Investment

On December 15, 2011, the FDIC proposed guidance to assist savings associations in conducting due diligence to determine whether a corporate debt security is eligible for investment under the Proposed Rule. Today, the FDIC is finalizing the guidance. The final guidance document includes clarifying language adopted in the final rule but, otherwise, is being finalized as proposed.

Effective Date: July 21, 2012.

Cross Reference(s): Dodd-Frank Section 939(a); FDIC Rule 362.11(b).

View release in full here (links externally to FDIC website).