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Wednesday, September 17, 2014

House Passes ABA-Advocated Reg Relief Provisions

The full House yesterday passed by 327 to 97 an ABIA-advocated bill making several technical corrections to the Dodd-Frank Act, representing regulatory relief for financial institutions of all sizes. The bill includes three measures that had independently passed the House.

These include an exemption from Volcker Rule prohibitions for collateralized loan obligations issued prior to Jan. 31, 2014, that clarifies the definition of CLO ownership in a way that would allow more banks to retain CLOs. The bill would also clarify the Qualified Mortgage points-and-fees test so as not to harm wholesale originators and exempt bank end users from margin requirements when using swaps to mitigate risk.

The bill, sponsored by Reps. Andy Barr (R-Ky.) and Gary Miller (R-Calif.), also includes a Senate-passed measure allowing the Federal Reserve to apply insurance-specific capital requires to insurers designated as systemically significant.

The House also passed by 320 to 102 a regulatory relief bill that includes an ABA-backed technical correction to the SEC registration threshold for savings and loan holding companies. On Monday, it passed a bill allowing banks to offer prize-linked savings accounts,

Read ABIA's joint letter on the Barr-Miller bill.