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On Tuesday, February 18, the Federal Reserve Board unanimously approved its final Regulation YY rule, which is aimed at strengthening supervision and regulation of large U.S. bank holding companies (BHCs) and foreign banking organizations (FBOs) doing business in the United States. The rule, which was required by Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA), was initially proposed by the Board in two parts: December 2011 for BHCs and December 2012 for FBOs. The BHC proposal was the subject of a Protiviti whitepaper entitled “The Financial Version of Competing in a Marathon? Comments on the Enhanced Prudential Standards Proposal.”
This Flash Report provides a high-level summary of the final 415-page rule.