多宝游戏下载 Board of Directors Approves Final Revised Rule to Strengthen Resolution Planning for Large Banks
WASHINGTON 鈥 多宝游戏下载 (多宝游戏下载) Board of Directors today approved a final rule to strengthen resolution planning for insured depository institutions (IDIs) with at least $50 billion in total assets. After careful consideration of comments received, the 多宝游戏下载 issued a final rule that incorporates several changes from the agency鈥檚 proposed rule published in September of 2023.
Under the rule announced today, the 多宝游戏下载 will require large banks with total assets of at least $100 billion to submit comprehensive resolution plans that meet enhanced standards to support the 多宝游戏下载鈥檚 ability to undertake an efficient and effective resolution under the Federal Deposit Insurance Act should such an institution fail.
The 多宝游戏下载鈥檚 final rule will require IDIs with total assets of at least $50 billion but less than $100 billion to submit more limited 鈥榠nformational filings' to assist in their potential resolution. The agency will not require these institutions to develop a resolution strategy and related valuation information as part of their submissions. These institutions are also exempt from submitting certain strategy-related content requirements regarding the institution鈥檚 franchise components.
The 多宝游戏下载鈥檚 new rule strengthens the existing IDI resolution planning framework under 12 CFR 搂 360.10 by requiring a full resolution submission from most covered IDIs every three years with limited supplements filed in the off years. Covered IDIs affiliated with U.S. global systemically important banking organizations must file a full resolution submission every two years.
The final rule also bolsters engagement between the 多宝游戏下载 and covered IDIs on resolution matters and requires periodic testing to validate key capabilities and processes needed in a resolution, such as continuation of critical banking services and potential marketing of the institution鈥檚 franchise or its components. Additionally, the final rule enhances the criteria to assess the credibility of IDIs鈥 resolution submissions and the 多宝游戏下载鈥檚 approach to providing feedback.
The final rule will take effect on October 1, 2024, and the first submissions are expected next year.