OCC Issues Final Rule on Lending Limits
On June 19, the Office of the Comptroller of the Currency (OCC) finalized the rule governing lending limits. The rule implements Section 610 of the Dodd Frank Wall Street Reformand Consumer Protection Act. Under the rule, the effective date has been extended to October 1st from July 1st, as proposed previously. OCC Release. Final Rule.
CFTC Temporary No-Action Relief for Transition to SEF Rules
On June 17, the CFTC Division of Market Oversight issued a no-action letter providing temporary relief to entities that have been operating pre-Dodd-Frank Act trading platforms. The no-action letter extends relief provided by a letter issued in December 2012 to coincide with the compliance date for the CFTC's Swap Execution Facility final rules, which were published on June 4. The continued no-action relief will commence on July 1 and expire on October 2. CFTC Release. CFTC No-Action Letter.
FHFA Report to Congress
On June 13, the FHFA released its fifth annual Report to Congress detailing its 2012 examinations of Fannie Mae, Freddie Mac and the Federal Home Loan Banks. The FHFA deemed Fannie and Freddie 'critical concerns' in 2012 but noted that they each generated positive annual income. FHFA Release. FHFA Report to Congress.
CFTC Temporary No-Action Relief for Small Bank Board Approval Requirements
On June 10, the CFTC Division of Clearing and Risk issued a no-action letter providing temporary relief to banks, savings associations, farm credit system institutions and credit unions having assets of less than $10 billion, and which are issuers of securities, from the board approval requirements of Section 2(j) of the CEA and regulation 50.50, subject to certain conditions. This no-action relief expires on July 10. CFTC Release. CFTC No-Action Letter.
CFTC Amended Order for Mutual Acceptance of LEIs
On June 10, the CFTC issued an amended order that revises an order issued on July 23, 2012, expanding the list of approved providers of Legal Entity Identifiers (LEIs) that can be used by registered entities and swap counterparties when complying with the CFTC's swap data reporting regulations. The amended order provides that in addition to LEIs issued by DTCC-SWIFT, the CFTC will recognize LEIs issued by WM Datenservice following recognition by ESMA of DTCC-SWIFT CFTC Interim Compliant Indicators under European reporting regulations. The amended order also sets forth the conditions for future acceptance of LEIs from additional providers. CFTC Release. CFTC Amended Order.