The Federal Reserve Board ("FRB") proposed extending the single-counterparty
credit limit compliance dates for foreign banking
organizations.
As
>previously covered, the FRB approved a final rule to
implement single-counterparty credit limits for U.S. bank holding
companies and foreign banking organizations operating in the United
States with $250 billion or more in total global consolidated
assets. The limits also apply to any global systemically important
banks ("GSIBs"), as well as any foreign banking
organization's U.S. intermediate holding companies with $50
billion in total consolidated assets.
The final rule became effective on October 5, 2018. The initial
compliance date for (i) a foreign banking organization with the
characteristics of a GSIB was set for January 1, 2020 and (ii) any
other foreign banking organization was set for July 1, 2020. For
the single-counterparty credit limits applicable to a foreign
banking organization's combined U.S. operations
