Nutter Bank Report, January 2016

The Nutter Bank Report is a monthly publication of the firm's Banking and Financial Services Group.

1. CFTC Issues Relief from Swap Clearing Requirements to Small Holding Companies

The U.S. Commodities Futures Trading Commission ("CFTC") has issued no-action relief from the mandatory clearing requirement for swaps under Section 2(h)(1)(A) of the Commodity Exchange Act ("CEA") to small bank holding companies ("BHCs") and small savings and loan holding companies ("SLHCs"). The CFTC's no-action letter issued on January 20 provides that the CFTC's Division of Clearing and Risk will not recommend that the CFTC take enforcement action against BHCs and SLHCs that have no more than $10 billion in consolidated assets, and comply with the same conditions that a bank or savings association must comply with under the CFTC's rule at 17 C.F.R. § 50.50 in order to elect not to clear a swap subject to the CFTC's clearing requirements. The CEA authorized the CFTC to exempt small