Adds as new criteria for such exclusion the extent to which the institution enters into a swap: (I) with a customer that is seeking to manage risk in connection with an extension of credit by the institution to, on behalf of, or for the benefit of, the customer; or (2) to offset the risks arising from a swap that meets such requirement.

Excludes from regulation as a swap dealer, under the same criteria, an institution chartered and operating under the Farm Credit Act of 1971.

Revises the criteria for exemption of a swap from the requirement that it be submitted for clearing to a derivatives clearing organization either registered under this Act or exempt from registration. Revises in particular the exemption from this requirement of a swap one of whose counterparties is not a financial institution. Modifies the definition of "financial entity" with respect to a small bank, savings association, farm credit system institution, or credit union which the Commodity Futures Trading Commission (CFTC) may consider whether to exempt from such definition. Repeals the CFTC's discretion to make such an exemption. Excludes outright from the meaning of financial entity any small bank, savings association, farm credit system institution, or credit union if: (1) its total assets are $30 billion or less, or (2) its aggregate uncollateralized outward exposure plus aggregate potential outward exposure with respect to its swaps does not exceed $1 billion. (Thus exempts such a small bank, savings association, farm credit system institution, or credit union from the clearing requirement.)

Adds as new criteria for such exclusion the extent to which the institution enters into a swap: (I) with a customer that is seeking to manage risk in connection with an extension of credit by the institution to, on behalf of, or for the benefit of, the customer; or (2) to offset the risks arising from a swap that meets such requirement.

Excludes from regulation as a swap dealer, under the same criteria, an institution chartered and operating under the Farm Credit Act of 1971.

Revises the criteria for exemption of a swap from the requirement that it be submitted for clearing to a derivatives clearing organization either registered under this Act or exempt from registration. Revises in particular the exemption from this requirement of a swap one of whose counterparties is not a financial institution. Modifies the definition of "financial entity" with respect to a small bank, savings association, farm credit system institution, non-profit cooperative lender controlled by electric cooperatives, or credit union which the Commodity Futures Trading Commission (CFTC) may consider whether to exempt from such definition. Repeals the CFTC's discretion to make such an exemption. Excludes outright from the meaning of financial entity any small bank, savings association, farm credit system institution, non-profit cooperative lender controlled by electric cooperatives, or credit union if its aggregate uncollateralized outward exposure plus aggregate potential outward exposure with respect to its swaps does not exceed $1 billion. (Thus exempts such a small bank, savings association, farm credit system institution, non-profit cooperative lender controlled by electric cooperatives, or credit union from the clearing requirement.)

Declares such amendments effective as of the enactment of the Wall Street Transparency and Accountability Act of 2010 (title VII of Dodd-Frank).

Requires the amendments made by this Act to be implemented through promulgation of an interim final rule, without regard to: (1) specified federal law on coordination of federal information policy, and (2) administrative notice and comment requirements.

Permits designation of a person as a swap dealer for a single type, class, or category of swap or activity, and yet considered not to be a swap dealer for other types, classes, or categories of swaps or activities.

Excludes from the definition of "swap dealer" a person that enters into swaps for such person's own account: (1) either individually or in a fiduciary capacity, but not as part of specified business activities; (2) in order to either hedge or mitigate commercial risk; or (3) to comply with state or local governmental regulations.

Excludes also from factors determinative of "swap dealer" a swap entered into for a person's own account and that involves a capacity contract, a renewable energy credit, an emissions allowance, or an emissions offset if such instrument is used to meet obligations under state or local governmental regulations.

(Sec. 3) Excludes outright from the meaning of financial entity any small bank, savings association, farm credit system institution, non-profit cooperative lender controlled by electric cooperatives, or credit union if the aggregate uncollateralized outward exposure plus aggregate potential outward exposure with respect to its swaps does not exceed $1 billion. (Thus exempts such entities from the clearing requirement.)

(Sec. 4) Redefines "major swap participant" to exclude an entity whose primary business is providing financing that facilitates the sale or lease of products by or on behalf of the parent company or its subsidiary, and uses derivatives only for the purpose of hedging underlying commercial risks in a consolidated financing and leasing portfolio at least 90% of which, as of the end of its preceding fiscal year, is qualifying financing (including loans, notes, installment sales contracts, receivables, and operating and financing leases).

Excludes certain captive finance entities from the swap clearing requirement.

(Sec. 5) Declares amendments made by this Act effective as of the enactment of the Wall Street Transparency and Accountability Act of 2010 (title VII of Dodd-Frank).

(Sec. 6) Requires the amendments made by this Act to be implemented: (1) through promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued; and (2) without regard to specified federal law on coordination of federal information policy, or certain administrative notice and comment requirements.