On September 3, 2014, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency finalized a rule “to strengthen the liquidity positions of large financial institutions,” according to the joint press release. This is the first rule that standardizes the minimum liquidity requirement for large and internationally active banking institutions. The rule requires each organization “to hold high quality, liquid assets (HQLA)…that can be converted easily and quickly into cash” to cover an amount calculated as “its projected cash outflows minus its projected cash inflows during a 30-day stress period.” U.S. institutions must be fully compliant with the new rule by January 1, 2017. For more, read the full release.