Update Regarding the United States Covered Bond Act
DechertOnPoint
July 11, 2011
Earlier this year, Representatives Scott Garrett (R-NJ) and Carolyn Maloney (D-NY) introduced the United States Covered Bond Act of 2011, legislation targeted at establishing a regulatory framework to encourage the creation of a U.S. covered bond market. This update summarizes the progress of the proposed bill thus far, including the recent addition of three amendments to the initial legislation, as well as the continuing concerns of the FDIC with the proposed legislation.