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Fed Board delays revised control framework
The Federal Reserve Board has announced it will delay by six months the effective date for its revised control framework, to reduce operational burden and allow institutions to focus on current economic conditions.
In January, the Board finalized a revised framework (see our 1/31/2020 Top Story) that simplifies and increases the transparency of its rules for determining when one company controls another company for purposes of the Bank Holding Company Act and Home Owners' Loan Act. If a company has control over a banking organization, the company generally becomes subject to the Board's rules and regulations. The six-month delay will move the effective date to September 30, from the original date of April 1. No changes were made to the framework itself.
UPDATE: Notice published in the Federal Register for April 2, 2020.