The OCC issued a final rule on June 20 that amends its lending limits regulation to implement section 610 of the Dodd-Frank Act, which added certain credit exposures arising from derivatives and securities financing transactions to the statutory definition of loans and extensions of credit for purposes of federal lending limits. Under the final rule, a temporary exception period is extended for 3 months so that compliance with Section 610 will not be required until October 1.

Nutter Notes: The OCC had earlier extended from January 1, 2013 to July 1, 2013 the temporary exception under an interim final rule implementing the application of federal lending limits to certain credit exposures arising from derivative transactions and securities financing transactions. The OCC’s lending limit regulation applies to both national banks and savings associations.