Federal Reserve Board Proposes Extending Initial Compliance Dates for Foreign Banks Subject to Single-Counterparty Credit Limit Rule


On November 8, the FRB invited public comment on a proposal to extend by 18 months the initial compliance dates for foreign banks subject to its single-counterparty credit limit rule. The extension would allow additional time for foreign banks to comply with the FRB’s rule via certification with a similar home country rule or standard. Under the proposal, the largest foreign banks would need to comply by July 1, 2021, while smaller foreign banks would need to comply by January 1, 2022. Comments will be accepted for 30 days after publication in the Federal Register. ReleaseProposed Rule.