Sec. 1201. Living will reforms
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/bill/115/s/488/eah/section-1201A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5365(d) ) is amended— in paragraph (1), by striking periodically and inserting every 2 years ; and in paragraph (3)— by striking The Board and inserting the following: The Board ; by striking shall review and inserting the following: shall— review ; by striking the period and inserting ; and ; and by adding at the end the following: not later than the end of the 6-month period beginning on the date the company submits the resolution plan, provide feedback to the company on such plan.
The Board of Governors and the Corporation shall publicly disclose the assessment framework that is used to review information under this paragraph. . With respect to an appropriate Federal banking agency that requires a banking organization to submit to the agency a resolution plan not described under section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act— the respective agency shall ensure that the review of such resolution plan is consistent with the requirements contained in the amendments made by this section; the agency may not require the submission of such a resolution plan more often than every 2 years; and paragraphs
(6)and
(7)of such section 165(d) shall apply to such a resolution plan. For purposes of this subsection: The term appropriate Federal banking agency — has the meaning given such term under section 3 of the Federal Deposit Insurance Act; and means the National Credit Union Administration, in the case of an insured credit union. The term banking organization means— an insured depository institution; an insured credit union; a depository institution holding company; a company that is treated as a bank holding company for purposes of section 8 of the International Banking Act; and a U.S. intermediate holding company established by a foreign banking organization pursuant to section 252.153 of title 12, Code of Federal Regulations. The term insured credit union has the meaning given that term under section 101 of the Federal Credit Union Act. The terms depository institution holding company and insured depository institution have the meaning given those terms, respectively, under section 3 of the Federal Deposit Insurance Act. Nothing in this section, or any amendment made by this section, shall be construed as limiting the authority of an appropriate Federal banking agency (as defined under subsection (b)(2)) to obtain information from an institution in connection with such agency’s authority to examine or require reports from the institution.
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Sec. 1201
Living will reforms
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