H.R. 4292 — what changed
Financial Institution Living Will Improvement Act of 2017
From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.
Sec. 2 Living will reforms
changed
In general— Section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5365) 5365(d)) is amended—
changed
in paragraph (1), by striking “periodically” and inserting “not more often than every “every 2 years”; and
in paragraph (3)—
by striking “The Board” and inserting the following:
“(A) In general—The Board”
by striking “shall review” and inserting the following:
“(i) review”
by striking the period and inserting “; and”; and
by adding at the end the following:
“(ii) 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.
“(B) Disclosure of assessment framework—The Board of Governors and the Corporation shall publicly disclose the assessment framework that is used to review information under this paragraph.”
Treatment of other resolution plan requirements—
In general— 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—
changed
the respective agency shall comply with ensure that the requirements of paragraphs (3) and (4) review of such section 165(d);resolution plan is consistent with the requirements contained in the amendments made by this Act;
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.
Definitions— For purposes of this subsection:
added
Appropriate Federal banking agency— The term “appropriate Federal banking agency”—
added
has the meaning given such term under section 3 of the Federal Deposit Insurance Act; and
added
means the National Credit Union Administration, in the case of an insured credit union.
renumbered
was (3)(3)(3)
Banking organization— The term banking organization means—
renumbered
was (3)(3)(3)(3)
an insured depository institution;
renumbered
was (3)(3)(3)(4)
an insured credit union;
renumbered
was (3)(3)(3)(5)
a depository institution holding company;
renumbered
was (3)(3)(3)(6)
a company that is treated as a bank holding company for purposes of section 8 of the International Banking Act; and
renumbered
was (3)(3)(3)(7)
a U.S. intermediate holding company established by a foreign banking organization pursuant to section 252.153 of title 12, Code of Federal Regulations.
renumbered
was (3)(3)(4)
Insured credit union— The term “insured credit union” has the meaning given that term under section 101 of the Federal Credit Union Act.
added
Other banking terms— 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.
added
Rule of construction— Nothing in this Act, or any amendment made by this Act, 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.
removed
Other banking terms— The terms “appropriate Federal banking agency”, “depository institution holding company”, and “insured depository institution” have the meaning given those terms, respectively, under section 3 of the Federal Deposit Insurance Act.