New Regulatory Framework for Foreign Banks with U.S. Operations
On December 14, 2012, the Federal Reserve issued a notice of proposed rulemaking to apply enhanced prudential standards and an early remediation framework to foreign banking organizations with $50 billion or more in total global consolidated assets. The proposed rules implement Sections 165 and 166 of the Dodd-Frank Act and, together with other rulemakings, would result in the most dramatic regulatory change in more than a decade for foreign banks with a U.S. presence.