Revised accounting rules have hit the market for bonds backed by consumers' credit card debt. The rules put bondholders' rights into question when the financial institution that issues the securities goes into receivership. The accounting changes give regulators the right to claim the assets. The Federal Deposit Insurance Corp. is set to discuss the situation this week. "Until credit card issuers, investors and rating agencies see revisions to the existing rule, they cannot issue new deals, which will leave less credit available for consumers," said Tom Deutsch, deputy executive director of the American Securitization Forum, an affiliate of SIFMA.
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