Fed staffers are proposing the final rules for stricter oversight of foreign banks operating in the US. The FBO rule will require foreign banks with over $50bn or more in assets to set up an intermediate holding company. The Fed says that may be appropriate for 15-20 banks operating at the moment.
Any banks with more than $10bn in assets will be subject to stress tests.
The rule is said to come in for 1st July 2016
