The Commodity Futures Trading Commission (CFTC) issued a final rule to exempt swaps entered into by certain coops from the clearing requirement. The exemption is subject to several conditions, including that it applies only to swaps entered into (i) in connection with origination loans to coop members, or (ii) to hedge commercial risk related to these loans or swaps with members. The final rule was recently published in the Federal Register and is effective September 23, 2013.