Foreign Banks: US Admission Price Rising

More than five months since the Federal Reserve (Fed) issued its final Enhanced Prudential Standards (EPS) for foreign banking organizations, a considerable number of critical questions remain unanswered despite guidance from regulators. The June 26th publication of frequently asked questions (FAQs) primarily repeated or reinforced the EPS rule’s text; however, some additional clarity on key issues such as the level of detail needed for FBOs’ required implementation plans was provided. PwC’s regulatory brief analyzes the FAQs, incorporating approaches taken by FBOs across the industry, and suggests actions that firms should be taking now.

Read the report here.