General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
August 15, 2018

FED published the OMB supporting statement on the single-counterpary credit limits (SCCL) for large banks. FED, under delegated authority from the Office of Management and Budget (OMB), proposed to implement the SCCL (FR 2590; OMB No. 7100-NEW) reporting form and the associated notice requirements in connection with single-counterparty credit limits (SCCL) set forth in the Regulation YY (SCCL rule). On August 06, 2018, FED had published an initial notice on FR 2590 in the Federal Register (83 FR 38303), the comment period for which expires on October 05, 2018.

This proposed information collection is authorized under section 165(e) of the Dodd-Frank Act. The SCCL reporting form would provide FED with information to monitor a covered company’s or a covered foreign entity’s compliance with the SCCL rule. The SCCL rule requires each covered company and covered foreign entity to calculate its aggregate net credit exposure, gross credit exposure, and net credit exposure to a counterparty using the methods in this rule, and sets limits on the aggregate net credit exposure each such company may have to the counterparty. Under this, a covered company is any U.S. bank holding company with  consolidated assets of USD 250 billion or more and any U.S. bank holding company identified as a global systemically important bank holding company (G-SIB) under Regulation Q. A covered foreign entity is any entity that is part of the combined U.S. operations of a foreign banking organization with consolidated assets of USD 250 billion or more and any U.S. intermediate holding company of a foreign banking organization with consolidated assets of USD 50 billion or more. Certain provisions in the SCCL rule permit a covered company or covered foreign entity to request temporary relief from specific requirements of the rule.

Based on data as of December 31, 2017, the FR 2590 respondent panel would consist of 10 U.S. bank holding companies, 12 U.S. intermediate holding companies, and 82 foreign banking organizations. The total annual burden for FR 2590, including one-time implementation costs, is estimated to be 238,086 hours for all respondents.

 

Related Links

Comment Due Date: October 05, 2018

Keywords: Americas, US, Banking, Reporting, FR 2590, SCCL, G-SIB, Systemic Risk, FED

Related Articles
News

EBA Single Rulebook Q&A: Fourth Update for March 2019

EBA published answers to five questions under the Single Rulebook question and answer (Q&A) updates for this week.

March 22, 2019 WebPage Regulatory News
News

ECB Updates Validation Checks and List of Identifiers Under AnaCredit

ECB updated the AnaCredit validation checks (Version 1.4) and the list of national identifiers (version 2.4) for AnaCredit reporting.

March 21, 2019 WebPage Regulatory News
News

BCBS Publishes Results of the Basel III Monitoring Exercise

BCBS published results of the Basel III monitoring exercise based on data as of June 30, 2018.

March 20, 2019 WebPage Regulatory News
News

EBA, FCA, and PRA Agree on MoU Template for Supervisory Cooperation

EBA, FCA, and PRA announced that they have agreed on a template for the Memorandum of Understanding (MoU) that sets out the expectations for supervisory cooperation and information-sharing arrangements between UK and EU/European Economic Area national authorities.

March 20, 2019 WebPage Regulatory News
News

HKMA Publishes CoP on Loss-Absorbing Capacity Requirements of Banks

HKMA issued, in relation to the Financial Institutions Resolution (Loss-Absorbing Capacity Requirements—Banking Sector) Rules (LAC Rules) a chapter of a code of practice (LAC CoP) under section 196 of the Financial Institutions Resolution Ordinance (FIRO).

March 20, 2019 WebPage Regulatory News
News

EBA Publishes Reports Monitoring the Implementation of Basel III in EU

EBA published two reports measuring the impact of implementing the final Basel III reforms and monitoring the implementation of liquidity measures in EU.

March 20, 2019 WebPage Regulatory News
News

BCBS Publishes Results of Survey on Proportionality in Bank Regulation

BCBS published a report presenting the results of a survey conducted on proportionality practices in bank regulation and supervision.

March 19, 2019 WebPage Regulatory News
News

US Agencies Adopt Interim Rule to Facilitate Transfers of Legacy Swaps

US Agencies (FCA, FDIC, FED, FHFA, and OCC) are adopting and inviting comments on an interim final rule.

March 19, 2019 WebPage Regulatory News
News

EBA Updates List of Other Systemically Important Institutions in EU

EBA updated the 2018 list of other systemically important institutions (O-SIIs) in EU. The list also reflects the additional capital buffers that the relevant authorities have set for the identified O-SIIs.

March 19, 2019 WebPage Regulatory News
News

HKMA Expects Banks to Manage Risks Related to Crypto-Asset Exposures

HKMA issued a statement announcing that it expects authorized institutions to take note of the BCBS statement on crypto-assets and its prudential expectations.

March 18, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2780