The Federal Reserve board proposes Dodd-Frank systemic prudential regulations for foreign banks

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Another shoe drops: the Federal Reserve board proposes Dodd-Frank systemic prudential regulations for foreign banks - .PDF file.

Making good on Federal Reserve Governor Daniel Tarullo’s promise earlier this month of imminent Federal Reserve Board action to regulate foreign banks in the US under the Dodd-Frank Act, late Friday afternoon the Board proposed regulations to implement the enhanced prudential regulation and early remediation requirements of Sections 165 and 166 of the Dodd-Frank Act for systemically important and other foreign banks, and foreign nonbank financial institutions. Comments on these proposals will be due by 31 March 2013.

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