As discussed in previous columns,1 section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 required the Board of Governors of the Federal Reserve System (FRB) to promulgate enhanced prudential standards for large U.S. bank holding companies and large non-U.S. banks with U.S. banking operations (“large” meaning $50 billion or more in consolidated global assets). The FRB also is required to promulgate prudential standards for nonbank financial institutions (both U.S. and non-U.S.) that have been designated as systemic risks to the U.S. banking system by the Financial Stability Oversight Council (FSOC).2
The FRB issued the proposed prudential standards in two parts—in January 2012 for large U.S. bank holding companies and FSOC-designated U.S. systemically important nonbank financial institutions,3 and in December 2012, for large non-U.S. banks and non-U.S. nonbank financial institutions designated by FSOC as posing a systemic risk to the U.S. financial system.4 The non-U.S. bank proposal was intended to be “broadly consistent” with the proposed standards to be imposed on U.S. bank holding companies and FSOC-designated U.S. systemically important nonbank financial institutions.
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