On June 11th, the OCC granted requests from seven national banks for a transition period under Section 716(f) of the Dodd-Frank Act. Section 716 generally prohibits the provision of certain types of federal assistance, such as discount window lending and deposit insurance, to swaps entities. As Bloomberg noted, the OCC's action effectively gives the seven banks two years to divest themselves of their swaps trading activities. The OCC also notified uninsured U.S. branches and agencies of foreign banks that they may request a Section 716 transition period from the OCC.