Regulation of Foreign Banks in the United States: Federal Reserve Governor Tarullo Previews Proposals for Major Revisions to the Regulatory Structure of Foreign Banks with Significant U.S. Operations

Sullivan & Cromwell LLP - November 28, 2012

Federal Reserve Board Governor Daniel Tarullo announced today, in a speech at the Yale School of Management, that the Board of Governors of the Federal Reserve System will issue in the “coming weeks” a proposed rule that would significantly alter the regulation of the U.S. operations of foreign banking organizations. As described by Gov. Tarullo, the proposed rule is likely to include three “targeted adjustments” to the existing regulatory regime that incorporate five basic proposals.