The U.S. Commodity Futures Trading Commission is poised to exempt banks with assets of less than $10 billion from Dodd-Frank Act requirements to guarantee swap trades at clearinghouses, two people briefed on the matter said.

The CFTC, the main U.S. derivatives regulator, is scheduled to consider a final rule July 10 allowing those banks and other companies an exception from the 2010 law's clearing mandate designed to limit risk in trades, the people said on condition of anonymity because the plan hasn't been made public. The agency's five commissioners are also scheduled to propose an exemption for farm credit banks and other cooperatives, the people said. The rules could change before the vote.

“We understand and appreciate that the CFTC plans to provide a clearing exemption for banks, but we believe a risk-based measurement is more appropriate because it will better reflect potential risk to the market,” Diana Preston, vice president and senior counsel at the American Bankers Association, said in a telephone interview today.