01 Jun FRB – Final Rule – Single-Counterparty Credit Limits for Bank Holding Companies and Foreign Banking Organizations
May 28, 2020 – The FRB is adopting a final rule to amend the compliance dates related to Single-Counterparty Credit Limits for Bank Holding Companies and Foreign Banking Organizations (final SCCL rule).
The final rule revises the final SCCL rule to modify the initial compliance dates of January 1, 2020, for a foreign banking organization that has the characteristics of a global systemically important banking organization, and July 1, 2020, for any other foreign banking organization subject to the final SCCL rule to July 1, 2021, and January 1, 2022, respectively, regarding the SCCL applicable to a foreign banking organization’s combined U.S. operations only.
The final rule is effective on May 28, 2020.
Rule Impact: Foreign Banking Organization (FBO) compliance dates with SCCL rule have been extended an additional 18 months.
For more information, visit www.federalregister.gov