New regulatory framework for foreign banks with US operations
On 14 December 2012, the Federal Reserve Board issued a notice of proposed rulemaking to apply enhanced prudential standards and an early remediation framework to foreign banking organisations (FBOs) with $50 billion or more in total global consolidated assets. The proposed rules implement Sections 165 and 166 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and, together with other rulemakings, would result in the most dramatic regulatory change in more than a decade for foreign banks having a US presence.
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