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Comments Due on Proposal to expand HQLA list


The Federal Reserve Board has announced a proposed rule that would add certain general obligation state and municipal bonds to the range of assets a banking organization may use to satisfy regulatory requirements designed to ensure that large banking organizations have the capacity to meet their liquidity needs during a period of financial stress. Under the Liquidity Coverage Ratio (LCR) requirement adopted by the federal banking agencies in September 2014, large banking organizations are required to hold high-quality liquid assets (HQLA) that can be easily and quickly converted into cash within 30 days during a period of financial stress. The proposed rule would allow investment grade, general obligation U.S. state and municipal bonds to be counted as HQLA up to certain levels if they meet the same liquidity criteria that currently apply to corporate debt securities. Comments are due by July 24, 2015.

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