United States Covered Bond Act of 2010

[AI summary unavailable — showing source text] United States Covered Bond Act of 2010 - Directs the Secretary of the Treasury or a designee (covered bond regulator) to establish a regulatory oversight program for specified senior recourse debt obligations of an eligible issuer (covered bonds). Requires the covered bond regulator to: (1) consult with the primary federal regulator of an eligible issuer before approving any covered bond program; and (2) maintain a registry on a website available to the public containing the name of each approved covered bond program and information on all outstanding covered bonds issued under it. Requires the covered bond regulator from time to time to establish minimum over-collateralization requirements for covered bonds backed by each eligible asset classes (including residential mortgage, home equity, commercial mortgage, public sector, auto, student loan, credit or charge card, small business, and other asset classes) based on the credit, collection, and interest-rate risks, but not the liquidity risks, associated with such eligible asset class. Requires each dynamic pool of such assets (cover pool) securing covered bonds at all times to satisfy an asset-coverage test. Prescribes: (1) covere…