Joint Release
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
For immediate release May 30, 2019
Agencies Issue Final Rule Regarding the Treatment of Certain Municipal
Obligations as High-Quality Liquid Assets
WASHINGTON—The federal bank regulatory agencies issued a final rule that will adopt
without change the agencies' interim final rule issued in August 2018, amending their
liquidity coverage ratio (LCR) rules to treat certain eligible municipal obligations as high-
quality liquid assets (HQLA).
The Economic Growth, Regulatory Relief, and Consumer Protection Act requires the
agencies to treat a municipal obligation as HQLA under the LCR rule if that obligation is
"liquid and readily-marketable" and "investment grade."
The final rule will be effective 30 days after publication in the Federal Register.
# # #
Attachment:
Federal Register Notice (PDF)
Media Contacts:
Federal Reserve Eric Kollig (202) 452-2955
FDIC Julianne Fisher Breitbeil (202) 898-6895
OCC Bryan Hubbard (202) 649-6870
FDIC: PR-44-2019
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
For immediate release May 30, 2019
Agencies Issue Final Rule Regarding the Treatment of Certain Municipal
Obligations as High-Quality Liquid Assets
WASHINGTON—The federal bank regulatory agencies issued a final rule that will adopt
without change the agencies' interim final rule issued in August 2018, amending their
liquidity coverage ratio (LCR) rules to treat certain eligible municipal obligations as high-
quality liquid assets (HQLA).
The Economic Growth, Regulatory Relief, and Consumer Protection Act requires the
agencies to treat a municipal obligation as HQLA under the LCR rule if that obligation is
"liquid and readily-marketable" and "investment grade."
The final rule will be effective 30 days after publication in the Federal Register.
# # #
Attachment:
Federal Register Notice (PDF)
Media Contacts:
Federal Reserve Eric Kollig (202) 452-2955
FDIC Julianne Fisher Breitbeil (202) 898-6895
OCC Bryan Hubbard (202) 649-6870
FDIC: PR-44-2019