On June 10th, the CFTC's Division of Clearing and Risk issued a time-limited, no-action letter granting relief to banks, savings associations, farm credit system institutions, and credit unions having assets of less than $10 billion, which are issuers of securities, from the board approval requirements of Section 2(j) of the Commodity Exchange Act and Commission Regulation 50.50. The Division will not recommend an enforcement action for a small bank's election of the end-user exception from required clearing without obtaining prior board approval provided that as soon as practicable, and no later than July 10, 2013, a small bank obtains retroactive board approval for entering into uncleared swaps pursuant to the end-user exception for swaps entered into on or after June 10, 2013. CFTC Letter No. 13-26.