The CFTC is considering a proposed rule to exempt from the swap clearing requirement certain swaps entered into by cooperatives. View the Fact Sheet on the proposed rule here(links externally to CFTC website).

The CFTC is proposing rules and interpretative guidance (i) to further define the terms "swap," "security-based swap," and "security-based swap agreement"; (ii) prescribing regulations regarding "mixed swaps"; and (iii) governing books and records for "security-based swap agreements." This is a joint rulemaking with the SEC. View Fact Sheet on the joint final rules and interpretations here(links externally to CFTC website).

The CFTC is considering a final rule that implements an exception to the clearing requirement for non-financial entities and small financial institutions that use swaps to hedge or mitigate commercial risk. View the Fact Sheet on the final rule here(links externally to CFTC website).

The CFTC announced that it obtained an order of permanent injunction against defendants Robert Mihailovich, Sr. of Rockwall, Texas, and Growth Capital Management LLC (GCM) requiring Mihailovich, Sr. and GCM to make restitution to defrauded customers, disgorge ill-gotten gains, and pay a civil monetary penalty together, totaling over $9.3 million for fraudulently soliciting over $30 million from customers to trade commodity futures contracts and foreign currency (forex). The order also imposes permanent trading and registration bans against the defendants. View press release in full here (links

Summary: The FDIC has become aware that certain insured depository institutions (IDIs) are charging customers an "FDIC fee" or similarly described fee, apparently to compensate the IDI for some or all of its FDIC deposit insurance assessment costs. This Financial Institution Letter (FIL) communicates the FDIC's concerns and expectations when IDIs assess these types of fees. This FIL applies to all insured financial institutions, including those with under $1 billion in assets. View letter in full here (links externally to FDIC website).