# Financial Subsidiaries
> **US Federal Reserve System** · Joint interim rule with request for comments. · Published 2000-03-20 · Effective 2000-03-14 · 65 FR 15050
## Document
- **Document number:** 00-6808
- **Category:** other
- **Agency:** US Federal Reserve System
- **Federal Register citation:** 65 FR 15050
- **CFR reference:** 12 CFR 208
- **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.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2000/03/20/00-6808/financial-subsidiaries)
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