False start for foreign banks under Fed’s tailoring rule

Delayed reporting form means requirements for Barclays and Credit Suisse could change twice in 2020

False-start-for-foreign-banks

Problems calculating new prudential thresholds mean some foreign banks in the US could see their supervisory requirements change twice in the space of a year, Risk.net has learned.

The issue concerns a new tiered regime for bank prudential and governance requirements known as tailoring, which was mandated as part of the US Regulatory Relief Act – often referred to as the Crapo Act after its sponsor Senator Mike Crapo – signed into law in May 2018.

The legislation prompted regulatory agencies

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