Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Thursday, January 2, 2014

Fed Finalizes Swaps Pushout Status of Foreign Banks

The Federal Reserve Board adopted a final rule clarifying that uninsured U.S. branches and agencies of foreign banks will be treated as insured depository institutions for purposes of Section 716 of the Dodd-Frank Act -- the “swaps pushout” provision -- which became effective July 16. As adopted, the final rule is unchanged from an interim rule proposed in June.

Insured depository institutions are permitted up to a two-year period to comply with Section 716 with the possibility of an additional one-year extension. The pushout provision prohibits swap dealers from accessing federal assistance, such as the discount window. The rule establishes a procedure for swap dealers that are state member banks or uninsured U.S. branches of foreign banks to request a transition period.

Read more.
Read the final rule.

No comments:

Post a Comment

Please read our comment policy before making a comment.