The Federal Reserve Board's ("FRB") "clean holding company" requirements - which apply to the eight U.S. globally systemically important banks and the U.S. intermediate holding companies of the largest foreign banks operating in the United States - became effective on January 1, 2019. The requirements are applicable only to the legal entity that is the top-tier U.S. holding company and do not apply to its affiliates or subsidiaries. According to the final rule adopted by the FRB, covered holding companies generally are barred from: issuing guarantees of a subsidiary's liabilities with cross
The Federal Reserve Board, FDIC, OCC, SEC and CFTC adopted amendments to the Volcker Rule "covered funds" provisions.
The Office of the Comptroller of the Currency, Federal Reserve System and FDIC adopted final rule amendments to simplify certain aspects of the capital rule for banking organizations that do not use advanced approaches in their capital frameworks.
The Office of the Comptroller of the Currency, the Federal Reserve Board, and the FDIC (collectively, the "agencies") adopted a final rule to provide banking organizations the option to "phase in over a three-year period the day-one" regulatory capital effects of the "Current Expected Credit Losses" ("CECL") methodology. In 2016, the Financial Accounting Standards Board released a new expected credit loss accounting standard which introduced the CECL for estimating allowances for credit losses. The final rule addressed changes to credit loss accounting under U.S. generally accepted accounting
The Federal Reserve Board, Office of the Comptroller of the Currency, CFTC, FDIC and SEC adopted final rule amendments to exclude certain firms with consolidated assets equal to or less than $10 billion from the Volcker Rule.