Federal Insurance Office reports. In accordance with the Dodd-Frank Act, the Treasury Department’s Federal Insurance Office issued its first Annual Report on the Insurance Industry. The Report reviews the financial performance and condition of the principal industry sectors, including insurer insolvencies, risk management, portfolio investment activities, legal and regulatory developments and current and emerging trends. (6/12/2013) Treasury Department press release.
OCC grants banks swap transaction extension. The OCC extended the transition period under Section 716(f) of the Dodd-Frank Act for seven national banks. Section 716 prohibits the provision of certain types of federal assistance, including discount window lending and deposit insurance, to swaps entities. (6/11/2013) OCC notice. The action effectively gives the seven banks two years to divest themselves of their swaps trading activities. (6/12/2013) See, e.g., Bloomberg.
FDIC orderly liquidation determination rules. The FDIC published the final rule establishing the criteria for determining if a company is predominantly engaged in “activities that are financial in nature or incidental thereto” and therefore subject to the FDIC’s orderly liquidation authority. The final rule is effective July 10, 2013. (6/10/2013)