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Board requests comments on delay of credit limit rule
The Federal Reserve Board is inviting 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 provide additional time for foreign jurisdictions' versions of the rule to become effective and would apply only to the combined U.S. operations of the foreign banks and not to any U.S. intermediate holding companies of those banks.
Under the proposal, the largest foreign banks 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 following Federal Register publication.