FDIC to Remove References to Credit Ratings from International Banking Regulations

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.