This story appeared in Bank Digest.
Following a nearly five-year journey, the Federal Deposit Insurance Corporation's Board of Directors has approved a final rule that will implement provisions of the Dodd-Frank Act that require the FDIC, along with the Office of the Comptroller of the Currency, Federal Reserve Board, Farm Credit Administration, and Federal Housing Finance Agency, to establish margin and capital requirements for a "covered swap entity" that is supervised by one of the agencies. At its Oct. 22, 2015, meeting, Comptroller of the Currency Thomas J. Curry, an ex officio board member, stated that he had signed off on the final rule for the OCC. The final rule is effective April 1, 2016, although it includes a set of compliance dates by which covered swap entities will have to comply with the minimum margin requirements for non-cleared swaps and are consistent with the Basel Committee's 2013 international framework.
- Notice of Final Rulemaking to Establish Margin and Capital Requirements for Covered Swap Entities
- Interim Final Rule to Exempt Commercial End Users and Small Banks
- Staff Memorandum
- Statement by FDIC Chairman Martin J. Gruenberg
- Statement of Thomas M. Hoenig, Vice Chairman of the FDIC
- NR 2015-142