Federal Reserve Finalizes Rules to Tailor Enhanced Prudential Standards for U.S. and Foreign Banking Organizations
On October 10, 2019, the Federal Reserve issued a pair of final rulemakings—one issued by the Federal Reserve alone and another issued jointly by the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation—that together revise the framework for applying enhanced prudential standards to U.S. banking organizations and foreign banking organizations (“FBOs”) under Section 165 of the Dodd-Frank Act, as amended by the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act (the “Reform Act”).