OCC Grants 2-Year Extension For Swaps Push-Out Rule

Law360, New York (January 3, 2013, 7:01 PM EST) -- The Office of the Comptroller of the Currency on Thursday gave banks an additional two years to comply with a rule requiring them to push out most derivatives trading from bank units that receive federal deposit insurance.

The swaps push-out rule — a provision of the 2010 Dodd-Frank Act that bars banks from using federal backing like deposit insurance and access to the Federal Reserve's discount window to support derivatives trading operations — is set to go into effect in July. Citing delays among financial regulators...
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