Announcement of Financial Sector Liabilities

The Board of Governors of the Federal Reserve System (FED) published in the Federal Register its annual determination of the aggregate consolidated liabilities of financial companies as required by section 622 of the Dodd-Frank Act. The act prohibits a financial company from combining with another company, if the resulting company’s liabilities would exceed 10 percent of the aggregate consolidated liabilities of ALL financial companies.
Effective July 1, 2023, the aggregate consolidated liabilities of all financial companies will be set to $23,694,977,610,000. This is the amount against which the liabilities of the prospective merging financial institutions will be measured. The figure, which is the average of the year-end financial sector liabilities of the preceding two years, will be valid from July 1, 2023 until June 30, 2024.