The nation's seven largest banks have earned an extension to push out their swap activities as required by the Dodd-Frank reform law by the Office of the Comptroller of the Currency.
The banks now have until July 16 2015 to divest swap activities into separate entities or lost federal support. After the Federal Reserve recently gave foreign banks an additional 24 months to comply with the rule, this delay was expected.
The agency posted letters on Wednesday it had sent to each bank, giving them two more years to comply with the Dodd-Frank required push-out rule.
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