MFA filed a comment letter with the Federal Deposit Insurance Corporation (the FDIC) in response to the FDICs proposed rules to implement certain provisions of the orderly liquidation authority (the OLA) in Title II of the Dodd-Frank Act. MFAs also submitted a comment letter on other aspects of the FDICs proposed OLA rules in November. In our January letter, we urged the FDIC to harmonize the OLA rules with existing rules and case law under the Bankruptcy Code, as required in the Dodd-Frank Act, to promote certainty and market confidence in the OLA process. We also encouraged the FDIC to develop robust processes to promote: (1) transparency; (2) participation in the OLA process by interested market participants (for example, unsecured creditors committees); and (3) a review and appeals process for market participants affected by decisions made during the implementation of the OLA.
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