Comment Letter on Further Definition of “Swap Dealer,” “Security-Based Swap Dealer,” “Major Swap Participant,” “Major Security-Based Swap Participant” and “Eligible Contract Participant”

The ABA urges the CFTC to accommodate all common lending practices as it implements the swap dealer exemption for swaps entered into by insured depository institutions in connection with originating loans. The letter describes common lending practices, including loan origination, financial terms, economically equivalent extensions of credit, swaps to offset bank loan-related risks, syndicated loans, and commodity swaps in connection with loans. The CFTC provided reasonable accommodation for these common lending practices.

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ABA Comment Letter

Final Rule on Swap Dealer Definition