Citing the “range and complexity of the issues addressed in the rulemaking,” the Federal Reserve has extended the comment period on new requirements for foreign banks and non-bank financial companies doing substantial business in the U.S. Originally due by March 31, comments will now be accepted through April 30.

To comply with mandates of the Dodd-Frank Act, rules proposed in December would require foreign banking organizations with "a significant U.S. presence" to organize subsidiaries under a single U.S. intermediate holding company. Doing so, the Fed says, would allow for enhanced supervision and aligned prudential standards. It would also facilitate the resolution of failing subsidiaries if needed.

Foreign banks with combined U.S. assets of $50 billion or more would be required to meet enhanced liquidity risk-management standards, conduct liquidity stress tests, and hold a 30-day buffer of highly liquid assets.The new standards would go into effect on July 1, 2015.

An in-depth analysis of the Fed's proposed rules on bank risk by Compliance Week columnist Richard Steinberg can be found here.