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Amendments to Fed Control Rules in Regs Y and LL effective today

09/30/2020

The Federal Reserve Board yesterday approved a final rule to simplify and increase the transparency of the Board's rules in Regulations Y and LL for determining control of a banking organization. If a company has control over a banking organization, the company generally becomes subject to the Board's rules and regulations. The rule, which will become effective April 1, 2020, clarifies and increases transparency by describing the combination of factors that would and would not trigger control concerns. A chart illustrating how different combinations of factors would or would not raise control concerns accompanied the Board's press release.

UPDATE: On March 31, 2020, the Federal Reserve Board announced it is delaying the effective date of these amendments to 9/30/2020.

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