Agencies Propose Amendments to Swap Margin Rule

On November 7, the OCC, the FDIC, the FRB, the Farm Credit Administration (FCA) and the Federal Housing Finance Agency (FHFA) invited public comment on proposed amendments to the Swap Margin Rule. Among other changes, the amendments would eliminate the requirement for a covered bank to collect initial margin from its affiliates, extend the initial compliance deadline for smaller counterparties, and permit certain LIBOR and benchmark-related amendments to qualifying legacy swaps. Comments on the proposal must be submitted by December 9. OCC ReleaseFederal Register.