The FDIC is adopting a final rule that establishes criteria for determining if a company is predominantly engaged in "activities that are financial in nature or incidental thereto" for purposes of Dodd-Frank Title II ("Orderly Liquidation Authority"). A company that is predominantly engaged in such activities is a "financial company" for purposes of Title II unless it is one of the few entities specifically excepted by Dodd-Frank. A financial company, other than an insured depository institution, may be subject to Title II's orderly liquidation authority if, among other things, it is

New mandatory clearing requirements for certain interest rate and credit default swap contracts take effect on June 10, 2013, for all state non-member institutions. These requirements apply to any covered transaction entered into on or after June 10, 2013, unless the end-user exception or inter-affiliate exemption under the CFTC rules applies. See: FDIC Advisory and FRB Regulatory Letter. See also:"CFTC Time-Limited No-Action Relief to Small Banks from the Board Approval Requirement of the Clearing Requirement (Letter 13-26) (with Lofchie Comment)." Related News: "OCC Warns Non-Dealer Banks of

The SEC Office of Inspector General (OIG) issued two reports on the SEC's use of on economic analysis into its rulemakings. The primary recommendation in the report report was that that the SEC issue written operating procedures on implementing the current guidance.Although the reports did make a number of other recommendations, the general tone of the reports was favorable and indicated that the SEC had made substantial progress in its use of cost-benefit analysis and other economic considerations. See: Implementation of the Current Guidance on Economic Analysis in SEC Rulemakings; Use of the

SIFMA President, Kenneth E. Bentsen, released a statement regarding the cross-border application of the Dodd-Frank Act in which he sided with CFTC Commissioner O'Malia (and implicitly, the EU regulators and the SEC) in the latter's disagreement with CFTC Chairman Gensler over whether the CFTC's current cross-border guidance should be extended past July 12, should be allowed to lapse or a final rule should be adopted. Lofchie Comment: On June 6, CFTC Chairman Gensler and CFTC Commissioner O'Malia issued statements (linked below) expressing opposing views on how the CFTC should deal with the

The Office of the Comptroller of the Currency (OCC) is revising the OCC’s procedures for national banks to appeal agency decisions and actions to include federal savings associations. See: Description.