The US Federal Reserve Board Charts an Independent Course in the Supervision of Foreign Banking Organizations

June 27, 2013

The Board of Governors of the Federal Reserve System in December 2012 issued a proposed rule under the Dodd-Frank Act for the enhanced supervision of foreign banking organizations and any foreign nonbanking financial companies that may be designated as systematically important financial institutions. The proposal is a marked departure from how the Board has supervised the U.S. operations of foreign banking organizations in the past.

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