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Email On September 28, the Federal Reserve Board (“FRB”) posted three new FAQs to its website regarding Regulation Q (Capital Adequacy of Bank Holding Companies, Savings and Loan Holding Companies, and State Member Banks). The FAQ guidance provides additional clarity on the use of credit-linked notes (“CLNs”) to transfer credit risk and offer capital relief to U.S. banks. https://www.cadwalader.com/resources/clients-friends-memos/fed-issues-faqs-clarifying-that-credit-linked-notes-can-serve-as-valid-capital-relief-tools-for-us-banks