Details

  • Service: Tax, U.S. Indirect Tax, Advisory, Risk Consulting, Financial Risk Management
  • Industry: Banking & Capital Markets
  • Type: Publication series
  • Date: 1/17/2012

Regulatory Practice Letter #12-04 

Enhanced Prudential Standards and Early Remediation Requirements – Fed Proposed Rule
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The Federal Reserve Board (“Fed”) released a proposed rule on December 20, 2011 that would create a new Regulation YY, Enhanced Prudential Standards, to implement portions of Sections 165 and 166 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) for U.S. bank holding companies (“BHCs”) with total consolidated assets of $50 billion or more (“Large BHCs”) and nonbank financial companies deemed systemically important by the Financial Stability Oversight Council (“Council”) and supervised by the Fed (“covered nonbank companies” and collectively with Large BHCs “covered companies”).