Regulators Set July 2013 Deadline for Dodd-Frank Swaps Pushout

Banks must push out by July 2013 part of their swaps-trading business from subsidiaries that get U.S. assistance through deposit insurance or the Federal Reserve’s discount lending window, three regulators said.

Banks including JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. must comply with the Dodd-Frank Act’s so- called push-out provision by July 16, 2013, the Fed, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency said in a statement today.

To contact the reporter on this story: Silla Brush in Washington at sbrush@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.