Swaps Transition Period Requests Granted

This story appeared in Bank Digest.

In January 2013, the OCC provided guidance on requests for a transition period pursuant to section 716(f) of the Dodd-Frank Act, which prohibits providing federal assistance to swaps entities. Based on requests it received, the agency has granted transition periods to Bank of America, N.A., Citibank, N.A., HSBC Bank USA, N.A., JPMorgan Chase Bank, N.A., Morgan Stanley Bank, N.A., U.S. Bank N.A., and Wells Fargo Bank, N.A.

In each case, the OCC found that a significantly shorter or no transition period could result in disorderly termination or divestiture of swaps activities and considerable disruption to swaps markets and financial markets that could weaken lending and result in a similar negative impact on job creation and capital formation.

• Bank of America
• Citibank
• Wells Fargo
• HSBC
• JPMC
• Morgan Stanley
• U.S. Bank