NTIA Policy Change on Letters of Credit to Take Effect Aug. 24
An NTIA policy change to make it easier for internet service providers to obtain bank letters of credit so they can participate in the BEAD program will take effect Aug. 24, mimicking a similar policy change at the FCC. The…
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FCC adopted an order in December (see 2412110050) dropping the requirement that banks qualified to issue such letters of credit have a minimum safety rating under the Weiss rating system, requiring only that they be “well capitalized.” An NTIA waiver update released late last month mirrors the FCC policy for the BEAD program, and takes effect at the same time as the FCC rule change. In addition, NTIA will allow financial institutions rated as safe by ratings organizations recognized by the SEC to issue letters of credit for the BEAD program, the update said.