Some of biggest banks on Wall Street will get an additional two years to comply with a post-financial crisis rule requiring they move risky swap activities into separate affiliates, the Wall Street Journal reported today. The Office of the Comptroller of the Currency (OCC) said that it granted extensions to seven banks, giving them until July 2015 to comply with so-called "swaps push-out" rules required by the 2010 Dodd-Frank law. While the move was largely expected, the OCC's action could further inflame criticism that much of Dodd-Frank remains undone nearly three years after its passage. As of June 3, just 38 percent of rules required by Dodd-Frank had been finalized, while 63 percent of rule-writing deadlines have been missed, according to law firm Davis Polk. The OCC notified Bank of America Corp., J.P. Morgan Chase & Co., Citigroup Inc., Wells Fargo & Co., HSBC Holdings PLC, Morgan Stanley and U.S. Bancorp that they were granted a 24-month extension in response to their requests for a longer transition period.
