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OCC Extends Lending-Limits Rule Exception

Posted on 1/7/2013

The OCC announced Friday that it has issued a final rule extending to July 1 the temporary exception for the application of its lending limits rule to certain credit exposures arising from derivatives and securities-financing transactions.

The OCC had issued an interim final rule last June implementing a Dodd-Frank Act provision that revised for lending-limit purposes the statutory definition of loans and credit extensions. The interim rule gave banks until January 1 to comply with its requirements on derivatives transactions and securities-financing transactions.

Based on comments received on the interim final rule, the OCC concluded that the January 1 expiration of the temporary exception would not provide enough adjustment time, so it has extended the temporary exception until July 1. The OCC expects to issue a final lending limits rule in the first quarter of 2013.

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