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Derivatives Bills Clear Financial Services Committee – IBA Compliance Connection

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Derivatives Bills Clear Financial Services Committee

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The House Financial Services Committee approved nine bills this week, most related to derivatives. An ABA letter to committee members outlined its positions on the bills, which include the following:

H.R. 634 provides that end users do not have to meet margin requirements for uncleared swaps.

H.R. 992 clarifies that banks can continue to engage in swaps without having to move structured finance products to a separately capitalized affiliate.

H.R. 801 corrects a technical error to extend updated SEC shareholder registration and deregistration thresholds to savings and loan holding companies.

H.R. 1062 requires a full cost-benefit analysis for all SEC regulations. This bill passed 31-28 along party lines, with House Majority Leader Eric Cantor (R-Va.) indicating he will bring H.R. 1062 to the House floor this month.