The Board of Governors of the Federal Reserve System is asking the public to comment on a plan to extend, for three more years, the time allowed for holding on to assets gained in settling past debts. This process, identified as FR 4006, requires bank holding companies to seek approval to keep such assets for more than two years. Comments on this proposal must be submitted by May 27, 2025, and can be submitted through the Federal Reserve's website or by other methods like mail or email. The Board will consider feedback to decide if any changes to this proposal are necessary.
Simple Explanation
The Federal Reserve wants to know what people think about letting banks hold on to certain things they get when people can’t pay their debts for three more years. They’re asking for comments and will listen to ideas on how to make this plan better or if any changes are needed.