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Aug 05, 2023

FDIC: FIL

The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (FRB), and the Office of the Comptroller of the Currency jointly issued a proposal to require

The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (FRB), and the Office of the Comptroller of the Currency jointly issued a proposal to require insured depository institutions (IDIs) that are not consolidated subsidiaries of U.S. global systemically important banks (GSIBs) and that (i) have at least $100 billion in consolidated assets or (ii) are affiliated with IDIs that have $100 billion in consolidated assets (covered IDIs) to have outstanding a minimum amount of eligible long-term debt (LTD). In addition to the IDI-level requirement, the FRB is proposing to require the covered entities of such IDIs to also maintain outstanding a prescribed amount of LTD and to comply with specified clean holding company requirements akin to those required of GSIBs.

Statement of Applicability: IDIs that are not consolidated subsidiaries of U.S. GSIBs and that (i) have at least $100 billion in consolidated assets or (ii) are affiliated with IDIs that have $100 billion in consolidated assets.

August 29, 2023, FDIC Board Meeting