Federal Reserve Proposes Long-Awaited Changes to Control Rules

Federal Reserve Proposes Long-Awaited Changes to Control Rules


By: V. Gerard Comizio, Nathan S. Brownback


On April 23, 2019, the Board of Governors of the Federal Reserve System (“Board” or “Federal Reserve”) issued a notice of proposed rulemaking regarding control of – and by – a banking organization (the “Control NPR”). The Control NPR would make changes to the Board's Regulation Y and Regulation LL that would constitute a comprehensive overhaul of its control rules, designed to provide greater transparency and more clear and concrete standards to banking organizations with respect to their own investments, as well as to equity investors in banking organizations, to determine when control exists.

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