To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
In a press release, the Federal Reserve Board approved revisions to Subpart D of Regulation K, governing international banking operations.
The final rule will reduce the regulatory burden on banking institutions engaged in international lending by simplifying the requirements concerning accounting for fees on international loans to make the regulation consistent with generally accepted accounting principles (GAAP).
The final rule will become effective 30 days after publication in the Federal Register, which is expected shortly. This Bank will inform you via an electronic alert when the rule is published in the Federal Register.
The Board’s notice is attached.
Questions on this matter may be directed, at this Bank, to Richard Molloy, Staff Director, Regulatory Reports Division, Statistics Function.