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External Meetings: Federal Advisory Council Meeting

When:
9/2/2010 8:00 AM
Rulemaking(s):
General
CFTC Staff:
Gary Gensler

Timothy Karpoff
Visitor(s):
Robert Kelly (Bank of NY, Mellon)

Russell Goldsmith (City National)

Ellen Alemany (Citizens Financial Group)

R. Scott Smith (Fulton Financial Group)

Henry Meyer, III (Key Corporation)

Richard Fairbank (Capital One)

Richard Hickson (Trustmark Corporation)

David Nelms (Discover Financial Services)

Bryan Jordan (First Horizon National Corporation)

Richard Davis (US Bancorp)

Bruce Lauritzen (First National of Nebraska)

Richard Evans, Jr. (Cullen/Frost)

James Annable (Federal Advisory Council)

Organization(s):
Bank of NY, Mellon

City National

Citizens Financial Group

Fulton Financial Group

Key Corporation

Capital One

Trustmark Corporation

Discover Financial Services

First Horizon National Corporation

US Bancorp

First National of Nebraska

Cullen/Frost

Federal Advisory Council
  • At the meeting, the Chairman gave an overview of the CFTC's internal process for implementing Dodd-Frank. He detailed the work of the rulemaking teams, the expected timeline for the rulemaking, and the upcoming public roundtable schedule. The group noted the importance in developing clear jurisdictional lines between the SEC and the CFTC. The group also discussed what types of OTC derivatives activities would remain permissible for a depository institution in light of Section 716. Lastly, the group asked how the CFTC would address transitioning to the new rules once they had been developed and how it was coordinating with foreign regulators to ensure consistency. The Chairman noted that the statute provided for a minimum 60-day transition period and that the CFTC staff was putting emphasis on international harmonization. Along those lines, the Chairman noted that he would be in Brussels at the end of the month to meet with foreign regulators.

See Also:

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