NY Regulator Wants Fed To Scale Back Foreign Bank Rule

Law360, New York (May 1, 2013, 5:43 PM EDT) -- New York state's top banking supervisor urged the Federal Reserve on Tuesday to limit the application of Dodd-Frank Act capital, liquidity and prudential standards to only the largest foreign banks operating in the U.S.

In a comment letter, New York Superintendent of Financial Services Benjamin M. Lawsky said the Fed's proposal for regulating foreign banking organizations should target international financial institutions with $50 billion in U.S. assets — not $10 billion, as in the current proposal.

The Fed should focus on off–balance sheet exposure at the...
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