BofA, Wells Fargo Get 2-Year Delay On Swaps 'Pushout Rule'

Law360, Los Angeles (June 11, 2013, 10:10 PM EDT) -- The Office of the Comptroller of the Currency reportedly said Tuesday that it would give seven top banks, including Bank of America Corp. and Wells Fargo & Co., two additional years to comply with a Dodd-Frank requirement that they send risky swaps trading out of the bank.

The move comes a week after the Federal Reserve announced that foreign banks will be eligible for a two-year transition period in implementing the controversial Dodd-Frank Act-mandated “pushout rule” requiring banks to strip most derivative trading from units that...
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