Comments due on FDIC/FRB proposed resolution planning changes

The Federal Reserve Board and the FDIC have jointly published a Notice of Proposed Rulemaking [84 FR 21600] in today's Federal Register inviting comment on a proposal to amend and restate the jointly issued regulation (12 CFR parts 243 and 381) implementing the resolution planning requirements of section 165(d) of the Dodd-Frank Act. The proposal is intended to reflect improvements identified since the Rule was finalized in November 2011 and to address amendments to the Dodd-Frank Act made by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).

The proposed amendments to the Rule include a proposal by the Board to establish risk-based categories for determining the application of the resolution planning requirement to certain U.S. and foreign banking organizations, consistent with section 401 of EGRRCPA, and a proposal by the agencies to extend the default resolution plan filing cycle, allow for more focused resolution plan submissions, and improve certain aspects of the Rule. Comments are due within 38 days (by June 21, 2019).