ABA Supports Chapter 7 Bankruptcy Changes

Ahead of a House Judiciary Committee Hearing today on H.R. 3553, the Bankruptcy Administration Improvement Act, the American Bankers Association submitted a statement for the record supporting provisions in the bill that would increase the statutory fee paid to Chapter 7 trustees in so-called “no asset” bankruptcy cases.

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Agencies Finalize Rule Harmonizing Swap Margin, QFC Requirements

To facilitate compliance with their rules regarding qualified financial contracts of systemically important banks, the federal banking agencies today finalized a rule clarifying that legacy swaps -- those entered into before the margin rules’ compliance dates -- do not become subject to margin requirements provided they are amended solely to comply with QFC rules.

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