On Wednesday, the Financial Accounting Standards Board (FASB) will revisit transition, or grandfathering, provisions of FAS 140, as they relate to revolving credit card master trust securitizations by banks.

Under FAS125, banks were not required to have a legal opinion demonstrating that their securitization structures had legally isolated the assets. With FAS140, which will be in full effect as of April 1, banks will be treated the same as non-banks with these regards.

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