The failure of NextBank, N.A. in February and the liquidation of its card-related assets was a relatively unprecedented event in the ABS industry and has generated a great deal of interest and comment. Unfortunately, inaccurate information, and misunderstandings about NextBank's failure and the Federal Deposit Insurance Corporation's (FDIC) subsequent role as receiver for the failed bank remain prevalent in the marketplace. Readers of the Asset Securitization Report would be well served by an exploration of these matters.

NextBank, N.A.

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