Five federal agencies ("the Agencies") published interim and final rules on margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers and major security-based swap participants. The Office of the Comptroller of the Currency ("OCC"), the Board of Governors of the Federal Reserve System ("FRB"), the Federal Deposit Insurance Corporation ("FDIC"), the Farm Credit Administration ("FCA") and the Federal Housing Finance Agency ("FHFA") published the rules in the Federal Register. The final rule implements Dodd-Frank Sections 731 ("Registration
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The OCC, Federal Reserve Board, FDIC and National Credit Union Administration proposed (i) a policy statement on allowances for credit losses and (ii) guidance on credit risk review systems.
The oversight body of the Basel Committee on Banking Supervision finalized reforms to the Basel III international capital standards. U.S. banking agencies will assess how best to apply the reforms.
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, European Supervisory Authorities and IOSCO responded to industry concerns about the March 1, 2017 implementation deadline of variation margin requirements.
Senior U.S. and European officials will conduct a second round of discussions on cross-border resolution planning.