Board of Governors of the Federal Reserve System
Joint Release Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
For immediate release August 22, 2018
Agencies Issue Interim Final Rule Regarding the Treatment of
Certain Municipal Securities as High-Quality Liquid Assets
WASHINGTON—Three federal banking agencies today issued an interim final rule
amending the agencies’ liquidity rules to treat certain eligible municipal securities as high-
quality liquid assets, as required by the Economic Growth, Regulatory Relief, and Consumer
Protection Act of 2018 (EGRRCPA).
The EGRRCPA requires the agencies to treat a municipal obligation as a high-quality liquid
asset (HQLA) under their liquidity coverage ratio rules if that obligation is considered “liquid
and readily-marketable” and “investment grade.”
This interim final rule takes effect upon publication in the Federal Register and comments
will be accepted for 30 days after the interim final rule’s publication in the Federal Register.
# # #
Attachment: Liquidity Coverage Ratio Rule: Treatment of Certain Municipal Obligations as
High-Quality Liquid Assets
Media Contacts:
Federal Reserve Darren Gersh (202) 452-2955
FDIC David Barr (202) 898-6992
OCC Bryan Hubbard (202) 649-6870
FDIC: PR-49-2018
Joint Release Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
For immediate release August 22, 2018
Agencies Issue Interim Final Rule Regarding the Treatment of
Certain Municipal Securities as High-Quality Liquid Assets
WASHINGTON—Three federal banking agencies today issued an interim final rule
amending the agencies’ liquidity rules to treat certain eligible municipal securities as high-
quality liquid assets, as required by the Economic Growth, Regulatory Relief, and Consumer
Protection Act of 2018 (EGRRCPA).
The EGRRCPA requires the agencies to treat a municipal obligation as a high-quality liquid
asset (HQLA) under their liquidity coverage ratio rules if that obligation is considered “liquid
and readily-marketable” and “investment grade.”
This interim final rule takes effect upon publication in the Federal Register and comments
will be accepted for 30 days after the interim final rule’s publication in the Federal Register.
# # #
Attachment: Liquidity Coverage Ratio Rule: Treatment of Certain Municipal Obligations as
High-Quality Liquid Assets
Media Contacts:
Federal Reserve Darren Gersh (202) 452-2955
FDIC David Barr (202) 898-6992
OCC Bryan Hubbard (202) 649-6870
FDIC: PR-49-2018