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Thursday, July 11, 2013

Curry on Dodd-Frank Rulemaking Progress at the OCC

In prepared remarks for a Senate Banking Committee hearing today Comptroller of the Currency Thomas Curry commented on the status of Dodd-Frank rulemaking at the OCC.

Curry noted that all the rules that the Dodd-Frank Act mandates the OCC independently implement have been completed. This includes rule related to lending limits, stress testing, the removal of references to credit ratings, and retail foreign exchange transactions.

Curry stressed there are a number of other rules that require interagency action and are yet to be completed including addressing credit risk retention, the Volcker Rule, margin and capital requirements for covered swap entities, and incentive-based compensation.

In addition, Curry remarked that the OCC and other federal regulators are developing a proposed rule to implement a 30-day Liquidity Coverage Ratio in the U.S. for large banking organization. The agencies are aiming to issue this proposed rule for comment by the end of the year.

Read Curry’s prepared testimony.

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