CFTC Said to Alter International Guidance for U.S. Banks
Overseas operations of JPMorgan Chase & Co. (JPM) and other U.S. banks may be allowed to comply with Dodd-Frank Act rules on a timetable similar to one facing their foreign-based rivals, according to two people with knowledge of guidance a regulator is poised to propose tomorrow.
The timetable under consideration by the U.S. Commodity Futures Trading Commission would drop earlier plans to give overseas banks more time to comply with some regulations than U.S. banks that have branches and subsidiaries around the world, the people said on condition of anonymity because the guidance hasn’t yet been proposed.
The compliance schedule was the subject of negotiations today before the agency’s five commissioners meet in Washington to vote to release the proposal for public comment. The guidance could still change before the meeting.
Steve Adamske, a CFTC spokesman, didn’t immediately respond to requests for comment outside of normal business hours.
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