Federal Reserve Board delays changes to provision of intraday credit to foreign banks

Federal Issues Covid-19 Federal Reserve Foreign Banks

On March 24, the Federal Reserve Board announced that it will delay planned revisions to their procedures that govern providing intraday credit to U.S. branches of foreign banking organizations.  The amendments were originally approved on April 1, 2019, and were scheduled to become effective on April 1, 2020.  The FRB is delaying implementation for six months, until October 1, 2020, to provide foreign banking organizations and the Federal Reserve Banks allow additional time to allow both the with additional time to focus on “heightened priorities” instead of establishing new arrangements to comply with the proposed amendments.