BNY Mellon, SunTrust Win Delay On Swaps Pushout Rule

Law360, New York (July 10, 2013, 6:28 PM EDT) -- The Bank of New York Mellon Corp. and SunTrust Banks Inc. will be given an additional two-year transition period to implement a Dodd-Frank Act requirement to send risky swaps trading outside of their commercial banking operations, the Federal Reserve revealed Wednesday.

According to letters posted on the Fed’s website, the two banks will be given until July 2015 before being required to comply with the so-called swaps pushout rule, a controversial measure mandated by Dodd-Frank and set to go into effect July 16, which requires banks...
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