summary
Introduced
06/14/2018
06/14/2018
In Committee
06/14/2018
06/14/2018
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Financial Institution Living Will Improvement Act of 2018 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, the Financial Institution Living Will Improvement Act of 2018, amends the Dodd-Frank Wall Street Reform and Consumer Protection Act. It establishes that certain 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 (FRB), the Financial Stability Oversight Council, and the Federal Deposit Insurance Corporation (FDIC) once every two years, rather than annually as required under current regulations. The bill also requires the FRB and FDIC to provide feedback to the companies on their living wills within six months of submission. Additionally, the bill specifies requirements for the review of resolution plans not covered under the Dodd-Frank Act, such as ensuring consistency with the amendments made by this bill and limiting the submission frequency to once every two years.
Committee Categories
Housing and Urban Affairs
Sponsors (2)
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 06/14/2018)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/senate-bill/3070/all-info |
| BillText | https://www.congress.gov/115/bills/s3070/BILLS-115s3070is.pdf |
| Bill | https://www.congress.gov/115/bills/s3070/BILLS-115s3070is.pdf.pdf |
Loading...