US federal banking agencies issue final regulations promulgating use of municipal obligations for LCR compliance

Late last month, the US federal banking agencies (the Federal Reserve Board (FRB), Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC), collectively, the “banking agencies”) issued an interim final rule that implements section 403 of the recently enacted “Economic Growth, Regulatory Relief, and Consumer Protection Act” (the “Act”), to allow certain banking organizations to use municipal obligations to meet their mandatory liquidity maintenance requirements. Our blog post on passage of that law can be found here. The regulation was effective August 31, 2018, but the public can submit comments on any proposed changes no later than October 1, 2018. Promulgation of the LCR In September 2014, the banking agencies finalized Liquidity Coverage Ratio (LCR) rules, based on international liquidity standards for banks. The LCR requires that certain large banking organizations maintain sufficient high quality…

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