Joint Release
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
For immediate release April 18, 2019
Agencies Seek Comments on Revisions to the Supplementary Leverage Ratio as
Required by Economic Growth, Regulatory Relief, and Consumer Protection Act
The federal bank regulatory agencies on Thursday requested comment on a proposal to
modify a capital requirement for U.S. banking organizations predominantly engaged in
custodial activities, as required by the Economic Growth, Regulatory Relief, and
Consumer Protection Act (EGRRCPA).
The EGRRCPA requires the agencies to permit certain firms—those predominantly
engaged in custody, safekeeping, and asset servicing activities—to exclude qualifying
deposits at central banks from their supplementary leverage ratio. The supplementary
leverage ratio applies only to certain large or internationally active banking
organizations.
Based on data available at the time of the proposal, only The Bank of New York Mellon
Corporation, Northern Trust Corporation, and State Street Corporation, together with
their depository institution subsidiaries, would be considered predominantly engaged in
custody, safekeeping, and asset servicing activities and therefore able to exclude
deposits at central banks from their supplementary leverage ratio.
Comments on the proposal from the Federal Reserve Board, the Federal Deposit
Insurance Corporation, and the Office of the Comptroller of the Currency will be
accepted for 60 days after publication in the Federal Register.
Attachment:
Notice of Proposed Rulemaking
# # #
Media Contacts:
Federal Reserve Eric Kollig 202-452-2955
FDIC Julianne Fisher Breitbeil 202-898-6895
OCC Bryan Hubbard 202-649-6870
FDIC: PR-36-2019
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
For immediate release April 18, 2019
Agencies Seek Comments on Revisions to the Supplementary Leverage Ratio as
Required by Economic Growth, Regulatory Relief, and Consumer Protection Act
The federal bank regulatory agencies on Thursday requested comment on a proposal to
modify a capital requirement for U.S. banking organizations predominantly engaged in
custodial activities, as required by the Economic Growth, Regulatory Relief, and
Consumer Protection Act (EGRRCPA).
The EGRRCPA requires the agencies to permit certain firms—those predominantly
engaged in custody, safekeeping, and asset servicing activities—to exclude qualifying
deposits at central banks from their supplementary leverage ratio. The supplementary
leverage ratio applies only to certain large or internationally active banking
organizations.
Based on data available at the time of the proposal, only The Bank of New York Mellon
Corporation, Northern Trust Corporation, and State Street Corporation, together with
their depository institution subsidiaries, would be considered predominantly engaged in
custody, safekeeping, and asset servicing activities and therefore able to exclude
deposits at central banks from their supplementary leverage ratio.
Comments on the proposal from the Federal Reserve Board, the Federal Deposit
Insurance Corporation, and the Office of the Comptroller of the Currency will be
accepted for 60 days after publication in the Federal Register.
Attachment:
Notice of Proposed Rulemaking
# # #
Media Contacts:
Federal Reserve Eric Kollig 202-452-2955
FDIC Julianne Fisher Breitbeil 202-898-6895
OCC Bryan Hubbard 202-649-6870
FDIC: PR-36-2019