On June 21, 2016, the US FDIC approved a final rule developed jointly by the FDIC, the OCC, the Federal Reserve Board, the Farm Credit Administration and the Federal Housing Finance Agency that, pursuant to Title III of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA), exempts certain non-cleared swaps and non-cleared security-based swaps with certain financial and non-financial end users from initial and variation margin requirements required pursuant to Sections 731 and 765 of the Dodd-Frank Act. Specifically, the final rule exempts from the margin requirements certain swaps with counterparties that are commercial end users, certain captive finance affiliates, treasury affiliates, cooperatives and small financial institutions. The final rule is effective October 1, 2016.

The FDIC final rule is available at: https://www.fdic.gov/news/board/2016/2016-06-21_notice_sum_c_fr.pdf