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The Bank Risk Reduction Act of 2024 amends the Wall Street Transparency and Accountability Act of 2010 to exempt covered banking institutions (insured depository institutions and holding companies) from certain clearing and margin requirements for interest rate swaps used to hedge interest rate risk on their held debt securities and loans. The bill also permits these institutions to use hedge accounting and removes restrictions on designating fair value and cash flow hedges under Financial Accounting Standards Board rules.
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