---
kind: "section"
citation: "17 C.F.R. § 50.53"
title: "17"
number: "50.53"
heading: "Banks, savings associations, farm credit system institutions, and credit unions exempt from the clearing requirement."
url: "https://uscodex.org/cfr/17/50.53"
---

# §50.53. Banks, savings associations, farm credit system institutions, and credit unions exempt from the clearing requirement.


For purposes of section 2(h)(7)(A) of the Act, a person that is a “financial entity” solely because of [section 2(h)(7)(C)(i)(VIII)](/cfr/17/2.md?p=h-7-C-i-VIII) shall be exempt from the definition of “financial entity” and is eligible to elect the exception to the clearing requirement under [§ 50.50](/cfr/17/50.50.md), if such person:

- (a) Is organized as a bank, as defined in section 3(a) of the Federal Deposit Insurance Act, the deposits of which are insured by the Federal Deposit Insurance Corporation; a savings association, as defined in section 3(b) of the Federal Deposit Insurance Act, the deposits of which are insured by the Federal Deposit Insurance Corporation; a farm credit system institution chartered under the Farm Credit Act of 1971; or an insured Federal credit union or State-chartered credit union under the Federal Credit Union Act; and
- (b) Has total assets of $10,000,000,000 or less on the last day of such person's most recent fiscal year;
- (c) Reports, or causes to be reported, the swap to a swap data repository pursuant to §§ [45.3](/cfr/17/45.3.md) and [45.4](/cfr/17/45.4.md) of this chapter, and reports, or causes to be reported, all information as provided in [paragraph (b)](/cfr/17/50.50.md?p=b) of § 50.50 to a swap data repository; and
- (d) Is using the swap to hedge or mitigate commercial risk as provided in [paragraph (c)](/cfr/17/50.50.md?p=c) of § 50.50.

## Notes

### Amendments

[85 FR 76448, Nov. 30, 2020]

### Source

Source: 77 FR 74337, Dec. 13, 2012, unless otherwise noted.

### Authority

Authority: 7 U.S.C. 2(h), 6(c), and 7a-1, as amended by Pub. L. 111-203, 124 Stat. 1376.

### Source

Source: 77 FR 44455, July 30, 2012, unless otherwise noted.

### Amendments

[85 FR 76448, Nov. 30, 2020]