OCC 2002-22
OCC Bulletin
Subject:      Capital Treatment of Recourse, Direct 
              Credit Substitutes, and Residual Interests 
              in Asset Securitizations
Description:  Interpretations of Final Rule
Date:         May 23, 2002

TO:  Chief Executive Officers of National Banks, 
     Department and Division Heads, Examining Personnel 
     and Other Interested Parties

PURPOSE

The Office of the Comptroller of the Currency, the 
Federal Deposit Insurance Corporation, the Federal 
Reserve Board, and the Office of Thrift Supervision 
published a final rule on the Capital Treatment of 
Recourse, Direct Credit Substitutes and Residual 
Interests in Asset Securitizations in November of 2001.   
The rule became effective on January 1, 2002, and has 
generated several questions from the industry regarding 
proper implementation and application.  This issuance 
transmits a question-and-answer document that provides 
interpretive guidance on issues raised by the final rule.  
Further guidance will be provided, as necessary.


FOR FURTHER INFORMATION

You may contact Amrit Sekhon, risk expert, Capital Policy 
at (202) 874-5070, or Laura Goldman, senior attorney, 
Legislative & Regulatory Activities Division at 
(202) 874-5090 for additional information.



__________________		______________________
Tommy Snow			Michael L. Brosnan
Director			Deputy Comptroller
Capital Policy			Risk Evaluation



Attachment
[ http:www.occ.treas.gov/ftp/bulletin/2002-22a.pdf ]