Wednesday, 17 July 2024
Federal Reserve Board releases annual determination of aggregate consolidated liabilities of financial companies
The Federal Reserve Board released its annual determination of the aggregate consolidated liabilities of financial companies as required by section 622 of the Dodd-Frank Act. The act prohibits a financial company from combining with another company if the resulting company's liabilities would exceed 10 percent of the aggregate consolidated liabilities of all financial companies.
As of July 1, 2016, aggregate consolidated liabilities equal $21,786,571,865,000. This number, which is the average of the year-end financial sector liabilities of the preceding two years, will be the measure of aggregate consolidated liabilities for purposes of section 622 of the Dodd-Frank Act for the time period from July 1, 2016 through June 30, 2017.
Financial companies subject to the limit include insured depository institutions, bank holding companies, savings and loan holding companies, foreign banking organizations, companies that control insured depository institutions, and nonbank financial companies designated for Board supervision by the Financial Stability Oversight Council.
Re-disseminated by The Asian Banker
