On November 19, the Federal Reserve, OCC and FDIC jointly issued a final rule to implement Section 402 of the Economic Growth, Regulatory Relief, and Consumer Protection Act which modifies the supplementary leverage ratio (“SLR”) in their regulatory capital rules to exclude certain funds of custodial banking organizations deposited with certain central banks. A banking organization is considered a custodial banking organization if it is a U.S. top-tier depository institution holding company with a ratio of assets under custody-to-total assets of at least 30 to 1, or a subsidiary depository institution of any such holding company. Under the final rule, a custodial banking organization will exclude deposits placed at a Federal Reserve Bank, the European Central Bank and certain other central banks from its “total leverage exposure” (the denominator of the SLR), subject to a limit on the amount of deposits that can be excluded calculated as the amount of deposit liabilities of the custodial banking organization that are linked to fiduciary or custody and safekeeping accounts.