Swaps pushout rule: Federal Reserve clarifies treatment of U.S. branches of foreign banks

The Federal Reserve has issued an interim final rule clarifying the treatment of uninsured U.S. branches and agencies of foreign banks under Section 716 of the Dodd-Frank Act ("Swaps Pushout Rule"). The interim final rule clarifies that, for purposes of the Swaps Pushout Rule, all uninsured U.S. branches and agencies of foreign banks are treated as insured depository institutions.

Filed under:
USA, Banking, Insolvency & Restructuring, Davis Polk & Wardwell LLP, Swap (finance), Depository institution, Credit default swap, Grandfather clause, Federal Reserve (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
Authors:
Luigi L De Ghenghi , Susan C. Ervin , Randall D. Guynn , Annette L. Nazareth , Lanny A. Schwartz , Margaret E. Tahyar , Andrew S. Fei , E. Ashley Harris , Jai R. Massari , Gabriel D. Rosenberg
Location:
USA
Firm:
Davis Polk & Wardwell LLP