Implicit Recourse Provided to Asset Securitizations
May 29, 2002
Circular No. 11444

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

In a Supervisory Letter, the Federal Reserve Board announces that the Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision have issued guidance to assist in assessing the types of activities conducted by banking organizations that may, or may not, constitute implicit recourse provided to asset securitizations. A copy of the guidance (pdf - 145kb) is attached.

Questions on this matter may be directed to your relationship specialist at this Bank.