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4. Joint Final Rule Expands HQLAs under LCR Rules to add Certain Municipal Securities

The banking that is federal have actually jointly granted one last guideline that adopts without replace the agencies’ interim final guideline given in August 2018, amending their liquidity protection ratio (“LCR”) guidelines to take care of specific qualified municipal responsibilities as top-notch fluid assets (“HQLAs”). The final guideline released on May 30 implements area 403 associated with EGRRCPA, which needed the agencies to deal with a municipal responsibility being an HQLA under the LCR guidelines if that responsibility is “liquid and readily-marketable” and “investment grade.” Part 403 defines “municipal obligation” being a obligation of a situation, any governmental subdivision of circumstances, or any agency or instrumentality of a situation or such governmental subdivision. Part 403 defines “liquid and readily-marketable” as getting the meaning provided to that term within the Federal Reserve’s guidelines at 12 C.F.R.