CFTC Temporary No-Action Relief for Small Bank Board Approval Requirements

On June 10, the CFTC Division of Clearing and Risk issued a no-action letter providing temporary relief to banks, savings associations, farm credit system institutions and credit unions having assets of less than $10 billion, and which are issuers of securities, from the board approval requirements of Section 2(j) of the CEA and regulation 50.50, subject to certain conditions.  This no-action relief expires on July 10.  CFTC Release.  CFTC No-Action Letter.