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The Office of the Comptroller of the Currency (OCC) is posting below responses to requests from national banks and U.S. branches and agencies of foreign banks for a transition period under section 716(f) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Section 716 requires the OCC to provide a transition period for the institutions the agency supervises. As explained in the response letters, the statute also requires the agency to take certain considerations into account in determining the appropriate length of the transition period.
The OCC notified uninsured U.S. branches and agencies of foreign banks on June 12, 2013 that they may request a section 716 transition period from the OCC. On January 8, 2013, the OCC published in the Federal Register guidance applicable to insured federal depository institutions concerning procedures and conditions for requests for a transition period under section 716(f) (the “Guidance”). On June 5, 2013, the Board of Governors of the Federal Reserve System (Board) issued an interim final rule providing that for purposes of Dodd-Frank Act section 716, the term “insured depository institution” includes any uninsured U.S. branch or agency of a foreign bank. Consistent with the Board's interim final rule, the OCC notified uninsured U.S. branches and agencies of foreign banks that they may request a transition period under the OCC's Guidance.
Responses to request for a transition period under section 716(f):
Quarterly Report on Bank Trading and Derivatives Activities
Counterparty Risk Management Policy Group
Bank for International Settlement (BIS)
Requests Under 716(f) of the Dodd-Frank Act