The U.S. Federal Reserve on Monday proposed a new regulatory regime for 23 forei...
WASHINGTON - The U.S. Federal Reserve on Monday proposed a new regulatory regime for 23 foreign banks operating in the U.S. that could make life easier for some lenders, while tightening up rules for more risky foreign firms.
The proposed changes, which are subject to industry feedback, would relax the capital and stress testing requirements for the subsidiaries of foreign banks. They would, however, impose stricter liquidity rules on subsidiaries of foreign lenders that rely extensively on riskier activities like short-term funding.
Currently, large foreign banks have to submit the plans annually, but the proposal would allow them to submit plans every two years. Smaller banks would be able to submit less detailed plans on a three-year cycle. All domestic banks would also be allowed to submit scaled down plans every two years and comprehensive plans every four years.
Most foreign lenders currently hold enough liquid assets to satisfy the proposed changes, but depending on a bank’s precise activity, some banks including UBS and Credit Suisse could see their overall costs rise, according to Fed officials. The package aims to broadly put foreign banks on an even footing with domestic firms after the Fed last October unveiled a similar proposal tailoring rules for super-regional and other large domestic banks.
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