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Tuesday, March 25, 2014

OCC Releases Description of TruPS Interim Final Rule

The OCC released a summary of the interim final rule permitting banks to retain interest in TruPS CDOs, as approved by the OCC, Federal Reserve, FDIC, SEC and CFTC on January 14, 2014. The rule permits banks to retain an interest in TruPS CDOs if:

  • The TruPS CDO was established and the interest was issued before May 19, 2010.
  • The banking entity reasonably believes that the offering proceeds received by the TruPS CDO were invested primarily in qualifying TruPS collateral.
  • The banking entity’s interest in the TruPS CDO was acquired on or before December 10, 2013, the date when the agencies issued final rules implementing section 619 of Dodd-Frank.

In an effort to help community banks identify which CDOs remain permissible, agencies also have issued a nonexclusive list of TruPS CDOs that meet the requirements of the interim final rule.

Read the rule.
Non-exclusive list of qualified TruPS CDOs.

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