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Financial Institution Letters

FIL-9-2018
February 15, 2018

Final Rule to Remove References to Credit Ratings from the FDIC's International Banking Regulations

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FIL-9-2018 - PDF (PDF Help)

Summary:

On February 14, 2018, the FDIC Board of Directors adopted the attached final rule amending the FDIC's international banking regulations related to permissible investment activities and the pledging of assets. The final rule removes references to external credit ratings and replaces them with appropriate standards of creditworthiness. The changes in the FDIC Rules and Regulations Part 347, Subparts A and B, are consistent with Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

Statement of Applicability to Institutions Under $1 Billion in Total Assets: The Final Rule applies to insured state nonmember banks that operate foreign branches and insured U.S. branches of foreign banks. Generally, these institutions do not hold less than $1 billion in assets.

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Note:

FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2018/

To receive FILs electronically, please visit https://service.govdelivery.com/accounts/USFDIC/subscriber/new

Paper copies may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).