Single-Counterparty Credit Limits

The Board has implemented the Single-Counterparty Credit Limits (FR 2590) reporting form, associated notice requirements, and recordkeeping requirements. The FR 2590 is being implemented in connection with the Board’s single-counterparty credit limits rule (SCCL rule), which has been codified in the Board’s Regulation YY - Enhanced Prudential Standards (12 CFR 252). The information collected by the Single-Counterparty Credit Limits reporting form (FR 2590) will allow the Board to monitor a covered company’s or a covered foreign entity’s compliance with the SCCL rule. A covered company is any U.S. bank holding company (BHC) or savings and loan holding company (SLHC) that is subject to Category I, II, or III standards. A covered foreign entity is a foreign banking organization (FBO) that is subject to Category II or III standards or that has total global consolidated assets of $250 billion or more, and any U.S. intermediate holding company (IHC) that is subject to Category II or III standards. In addition to the FR 2590 report, the FR 2590 information collection incorporates notice requirements pertaining to requests that may be made by a covered company or covered foreign entity to request temporary relief from specific requirements of the SCCL rule. A respondent must retain one exact copy of each completed FR 2590 report in electronic form and these records must be kept for at least three years.