summary
Introduced
11/07/2017
11/07/2017
In Committee
11/15/2017
11/15/2017
Crossed Over
02/05/2018
02/05/2018
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Financial Institution Living Will Improvement Act of 2017 (Sec. 2) This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to establish the frequency with which certain nonbank financial companies and bank holding companies shall be required to submit a "living will" (i.e., the company's plan for rapid and orderly resolution in the event of financial distress or failure) to the Federal Reserve Board (FRB), the Financial Stability Oversight Council, and the Federal Deposit Insurance Corporation (FDIC). Specifically, such companies shall be required to do so once every two years. (Current regulations generally require annual submission of plans.) The FRB and the FDIC must provide feedback to a company regarding such a plan within six months.
AI Summary
This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to establish that certain large financial companies, such as nonbank financial companies and bank holding companies, must submit their "living wills" (plans for rapid and orderly resolution in the event of financial distress or failure) to the Federal Reserve Board, the Financial Stability Oversight Council, and the Federal Deposit Insurance Corporation every two years, instead of the current annual requirement. The bill also requires the Federal Reserve Board and the FDIC to provide feedback to these companies on their living wills within six months of submission. Additionally, the bill clarifies that other federal banking agencies can require their regulated institutions to submit resolution plans, but the review of those plans must be consistent with the amendments made by this bill.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (4)
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 02/05/2018)
Official Document
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