Nov. 17 (Bloomberg) -- Five U.S. banking regulators will use quarterly filings, known as “call reports,” to measure whether banks, thrifts and credit unions have assets of more than $10 billion, a key threshold under the 2010 Dodd-Frank financial-regulatory overhaul.
Following an initial determination of size based on June 30 call reports, banks won’t be reclassified unless their size goes above or below the threshold for four consecutive quarters, the agencies said in guidance released today.
Under Dodd-Frank, institutions with over $10 billion in assets are supervised for compliance with federal consumer laws by the new Consumer Financial Protection Bureau. Firms below that level of assets will be examined by their prudential regulators.
On July 21, the consumer bureau notified the nation’s 111 largest banks, all with assets above $10 billion, that it would supervise them for consumer protections.
This “avoids unwarranted uncertainty or volatility regarding the identity of an institution’s primary supervisor for federal consumer financial laws,” the agencies said in a statement.
The statement was jointly issued by the consumer bureau, the Federal Reserve, the National Credit Union Administration, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.
--Editors: Maura Reynolds, Gregory Mott
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