The FDIC has adopted a final rule removing references to credit ratings from its international banking regulations related to permissible investment activities and the pledging of assets, the agency announced today. The final rule aligns international banking regulations with requirements of Section 939A of the Dodd-Frank Act by replacing references to external credit ratings with appropriate standards of creditworthiness. The rule takes effect on April 1, 2018. For more information, conatct ABA’s Hu Benton or Cecelia Calaby.
FinCEN to exempt U.S. companies from beneficial ownership reporting
FinCEN posted an interim final rule removing the requirement for U.S. companies and persons to report beneficial ownership information to the agency under the Corporate Transparency Act.