Fed To Make Foreign Banks Play By US Rules

U.S. regulators are poised to make a change to Dodd-Frank Act requirements that would make the U.S. operations of foreign banks abide by the same laws imposed on American banks, closing one of the biggest loopholes on Wall Street. Though the outcry from foreign banks may lead to slight softening on the rules, foreign-based banks like Barclays, Deutsche Bank and Credit Suisse do not anticipate much change between now and when the rules are implemented. Advocates of the move say it eliminates a huge competitive advantage, and some even welcome the idea that such changes may lead European regulators to impose similar requirements.