SFIG Submits Response to FRB’s Proposed Single Counterparty Credit Limits

Last Friday, June 3rd, SFIG submitted a comment letter, drafted by Chapman and Cutler LLP, to the Federal Reserve ((“FRB”) proposal regarding Single-Counterparty Credit Limits ("SCCL") for Large Banking Organizations. The SCCL proposal has the potential to impose a substantial compliance burden on issuers of ABS, as a result of the "look-through" provisions that are proposed to apply to securitization special purpose vehicles.

The comment letter was a combined effort by both SFIG’s Regulatory Capital & Liquidity Committee and ABCP Committee. If you are interested in joining these committees, please contact Alyssa.Acevedo@sfindustry.org.

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