FRB Extends Comment Deadline for Proposals to Change Rating System
The Board of Governors of the Federal Reserve System ("FRB") extended the comment deadline for two proposals related to changing the ratings system for large financial institutions.
The first proposal would change the ratings system under Reg. YY for large financial institutions so that it aligns with current supervisory practice. The second proposal would provide supervisory guidance for boards of directors under the new ratings system. (See previous coverage for details of the proposals).
Comments on both proposals have been extended to February 15, 2018.