On June 14, 2018, the Board of Governors of the Federal Reserve System (“Federal Reserve”) finalized single-counterparty credit limits (“SCCLs”) for US and non-US banking organizations (“Final Rules”). At the same time it adopted the Final Rules, the Federal Reserve also proposed SCCL reporting requirements that are subject to a 60-day comment period. In this Legal Update, we summarize the changes that have been made to the Final Rules and the proposed reporting requirements.
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