Remigio Ferrara

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Remigio Ferrara - NMLS ID #476380
Senior Loan Officer, McLean Mortgage Corporation

11325 Random Hills Road Suite 400 Fairfax, VA 22030
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Federal Reserve Board approves interim final rule on treatment of uninsured U.S. branches and agencies of foreign banks under section 716 of Dodd-Frank

June 5, 2013 by Remigio Ferrara

Release Date: June 5, 2013

For immediate release

The Federal Reserve Board on Wednesday approved an interim final rule clarifying the treatment of uninsured U.S. branches and agencies of foreign banks under the so-called swaps push-out provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Section 716 of Dodd-Frank generally prohibits the provision of certain types of federal assistance, such as discount window lending and deposit insurance, to swaps entities. The provisions of section 716 become effective on July 16, 2013.

Insured depository institutions that are swaps entities are eligible for a transition period of up to 24 months to comply and for certain statutory exceptions. The interim final rule clarifies that, for purposes of section 716, uninsured U.S. branches and agencies of foreign banks will be treated as insured depository institutions. Thus, they will be eligible to apply for a transition period and will be treated as insured depository institutions for purposes of the other provisions of section 716.

The interim final rule also establishes the process for state member banks and uninsured state branches or agencies of foreign banks to apply to the Board for the transition period.

The interim final rule is effective as of June 5, 2013. Comments will be accepted through August 4, 2013, and the interim final rule will be revised by the Board if necessary in light of the comments received.

For media inquiries, call 202-452-2955

Federal Register notice: HTML | PDF

Board Votes

Filed Under: Banking & Consumer Reg Policy

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Remigio Ferrara

Senior Loan Officer, McLean Mortgage Corporation

11325 Random Hills Road, Suite 400
Fairfax, VA 22030

Website: www.mcleanlending.com/lo_rferrara.php
Office: 571-419-6632
Cell: 703-622-6999
NMLS ID #476380

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DC Mortgage Loan Originator #: MLO476380
DE Mortgage Loan Originator #: MLO-476380
FL Mortgage Loan Originator #: LO30974
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SC Mortgage Loan Originator #: MLO – 476380
VA Mortgage Loan Originator #: MLO-10666VA
WV Mortgage Loan Originator #: LO-38872
MD Mortgage Originator #: 26-21596
PA Mortgage Originator #: 46267
TN Mortgage Loan Originator #: 235241

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