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.

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