HSBC, UBS among 17 foreign banks that would win relief under Fed proposal

10 April 2019 9:05am
HSBC, Royal Bank of Canada and UBS are the foreign banks with more than $250 billion in US assets that would win some relief from capital, stress-test and “living will” requirements under a US Federal Reserve proposal offered yesterday.

They are among 17 of 23 foreign banks with US operations that would gain some kind of regulatory relief under the plan. The exceptions are Barclays, Credit Suisse, Deutsche Bank, Mizuho, MUFG and Toronto-Dominion, according to a Fed document accompanying the proposal.

Fed Governor Lael Brainard, in a dissent, said the plan would “weaken important regulatory requirements for banking institutions with total assets above $250 billion — at a time when large banks have comfortably achieved the post-crisis requirements and are providing ample credit to the economy and enjoying robust profitability.”.