U.S. banks may get another year to shift some swaps trading from their government-insured units as regulators respond to demands to give them more time, Bloomberg News reported today. A delay until July 2016 in applying the Dodd-Frank Act separation requirement is being weighed in discussions between bank lobbyists and officials from the Federal Reserve and Office of the Comptroller of the Currency. The provision was included in the 2010 law as a way to shield taxpayers from the kind of risky trading that helped fuel the 2008 credit crisis. Groups representing JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. say that the deadline should be delayed while rules are being completed.
