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Inside Washington (08/27/2012)
  • WASHINGTON (8/28/12)--Final rules addressing swap dealer and major swap participant requirements were approved by the Commodity Futures Trading Commission (CFTC) on Monday. The rules, according to the CFTC, will improve the risk management procedures of swap dealers and major swap participants, and will highlight risk management concerns for swap dealers and other participants earlier. The rules, which were approved by a 5 to 0 vote, will become effective 60 days after they are published in the Federal Register. The CFTC last week proposed a rule that would exempt credit unions and other co-ops with $10 billion or more in assets from some swap-clearing requirements. Credit unions and other financial institutions with under $10 billion in assets are already exempt from the requirements under a separate CFTC proposal …
  • WASHINGTON (8/28/12)--A recent U.S. District Court for the Northern District of Georgia ruling that could prevent the Federal Deposit Insurance Corp. (FDIC) from pursuing simple negligence claims against the executives of failed banks will soon be re-examined by the U.S. Court of Appeals for the Eleventh Circuit. (American Banker, Aug. 27) The Georgia court ruling found that business judgment rules protected the directors and officers of Integrity Bank, which failed in 2008, against simple negligence claims. The FDIC has appealed this ruling. The FDIC may be forced to present stronger cases when it attempts to recover funds from bank directors if the Georgia ruling is upheld. The ruling could also make it more difficult for banks to find qualified directors and officers if the appeals court sides with the FDIC …


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