External Meetings: Definitions Meeting w/ Financial Services Roundtable

The meeting discussed points made by the Financial Services Roundtable in a comment letter submitted on October 17, 2011, primarily regarding the exclusion in the definition of swap dealer for swaps entered into by insured depository institutions in connection with the origination of loans.  The Roundtable is particularly concerned by any requirement that such swaps be entered into contemporaneously with the origination of a loan.  Also, they believe any swap closely linked to the loan should be covered by the exclusion (rather than limiting the exclusion to swaps related to the financial terms of the loan).  The Roundtable also pointed out that the costs to an insured depository institution from being designated as a swap dealer are potentially more significant as a result of the requirement that such institutions not engage in certain proprietary trading.
When
Rulemaking(s)
II. Definitions

CFTC Staff
Jeff Burns
Mark Fajfar
Stephen Kane
Cam Nunery
Visitor(s)
Kenny Abramowitz, Capital One
Karl C. Haddeland, CIT Group
William Harvey, Union Bank
Robert Hatch, The Financial Services Roundtable
Phillip Lavigne, The Financial Services Roundtable
Bob Lendino, BB&T
Ellen Marks, Latham & Watkins
Peter Phelan, CIT Capital Markets
Leo Pylypec, FTN Financial/First Tennessee Bank
Bill Sakkab, Capital One
Joe Tessmer, US Bank
Dan Waldman, Arnold & Porter representing Toyota Financial
Organization(s)
The Financial Services Roundtable
BB&T
Capital One
CIT Capital Markets
CIT Group
FTN Financial/First Tennessee Bank
Toyota Financial
Union Bank
US Bank
Arnold & Porter
Latham & Watkins