Fed · other · Published 2000-03-20 · Effective 2000-03-14 · 65 FR 15050
Document
Document number
00-6808
Federal Register citation
65 FR 15050
CFR reference
12 CFR 208
Type
Rule
Action
Joint interim rule with request for comments.
Category
other
Agency
US Federal Reserve System
Publication date
2000-03-20
Effective date
2000-03-14
Abstract
The Department of the Treasury (Treasury) and the Board of Governors of the Federal Reserve System (Board) are jointly issuing this interim rule pursuant to section 121 of the Gramm-Leach-Bliley Act (GLBA). The GLBA permits a national bank or state member bank that is among the second 50 largest insured banks to own or control a financial subsidiary only if the bank meets either the eligible debt requirement set forth in section 121 of the Act or alternative criteria established jointly by Treasury and the Board. This interim rule establishes the alternative criteria and provides that a bank meets the criteria if it has a current long-term issuer credit rating from a nationally recognized statistical rating organization that is within the three highest investment grade rating categories used by the organization.