H.R. 4604 · 116th Congress
Small Financial Institution Certainty Act
- Stage
- In committee
- Sponsor
- Neal Dunn
- Introduced
- 2019-10-04
- Latest action
- 2019-10-16 · Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Summary
Small Financial Institution Certainty Act
This bill requires the Commodity Futures Trading Commission (CFTC) to exempt certain financial institutions from clearing requirements for commodity swaps. Specifically, the CFTC must exempt insured depository institutions, farm credit system institutions, credit unions, bank holding companies, and savings and loan holding companies that have less than $10 billion in assets. Currently, the CFTC has discretion regarding whether to exempt depository institutions, farm credit system institutions, and credit unions that have less than $10 billion in assets.