Financial Netting Improvements Act of 2006

[AI summary unavailable — showing source text] Financial Netting Improvements Act of 2006 - Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to revise treatment of certain agreements entered into before appointment of depository institution conservators or receivers, including securities contracts, forward contracts, swap agreements, and certain walkaway clauses. Makes conforming amendments to: (1) the Federal Deposit Insurance Corporation Improvement Act of 1991; (2) federal bankruptcy law; and (3) the Securities Investor Protection Act of 1970. Amends the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 to state that the meanings of terms used in the Act are applicable for its purposes only, and shall not be construed or applied so as to challenge or affect the characterization, definition, or treatment of any similar terms under any other statute, regulation, or rule, including the Gramm-Leach-Bliley Act, the Legal Certainty for Bank Products Act of 2000, the securities laws, and the Commodity Exchange Act. Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to repeal the declaration that no walkaway clause shall be enforceable in a qualified financial contract of…