Financial services regulatory reform continues to evolve in 2019. As we observe the changing landscape, here is the Summer Spotlight Edition of our reference tool, which provides context and summarizes current developments across a range of key regulatory areas, agencies and actors. We will continue to track these issues and
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Resolution
FDIC Considers Amendments to Resolution Planning Requirements
By The Davis Polk FIG Team on
Yesterday, the FDIC issued and invited comments on a proposal to amend and restate their 165(d) Rule, issued jointly with the Federal Reserve, which implements the resolution planning requirements of Section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This proposal is identical to the version…
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Federal Reserve Proposes Amendments to 165(d) Resolution Plan Rule
By The Davis Polk FIG Team on
Today, the Federal Reserve issued and invited comments on a proposal to amend and restate their 165(d) Rule, which implements the resolution planning requirements of Section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Notice of Proposed Rulemaking for this new 165(d) Proposal is available…
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Feedback on Foreign Banks’ July 2018 Resolution Plan Submissions – Key Takeaways
The Federal Reserve and FDIC (the Agencies) provided feedback on the U.S. resolution plans filed in July 2018 by four Foreign Banking Organizations – finding shortcomings in each, but acknowledging the need for more coordination among U.S. and home country regulators. Unredacted copies of the letters sent on December…
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Resolution 2.0 – The Future of U.S. Resolution Planning for U.S. G-SIBs Starts to Come into Focus
The future of resolution planning for U.S. global systemically important banking organizations (G-SIBs) has started to come into focus. The FDIC and the Federal Reserve have recently laid out an ambitious agenda designed to put in place Resolution Planning 2.0. This slide sets forth our collection of the…
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Release of Public Sections of 2018 IDI Plans and Foreign Filers’ 2018 165(d) Plans
By The Davis Polk FIG Team on
Today, the Federal Reserve and FDIC released the public sections of the 2018 165(d) resolution plans of Barclays, Credit Suisse, Deutsche Bank and UBS, which were due on July 1, 2018. The plans contain strategies for the rapid and orderly resolution of each firm’s U.S. operations under the Bankruptcy Code…
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Federal Reserve and FDIC Issue Proposed Guidance on U.S. G-SIBs’ 2019 Resolution Plan Submissions
By The Davis Polk FIG Team on
Today, the Federal Reserve and FDIC issued and invited comments on proposed guidance on the 2019 and subsequent submissions of the U.S. G-SIBs’ 165(d) resolution plans. The Proposed Guidance is available here.
The Proposed Guidance is largely similar to the guidance issued by the Agencies in April 2016, with…
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Treasury: Retain but Reform OLA + Add New Chapter 14 to Bankruptcy Code
By Randall D. Guynn & Dana E. Seesel on
Posted in FDIC, Resolution
In a long-awaited report to the President, the Treasury Department recommended reforming—but not repealing—the orderly liquidation authority (“OLA”) created by Title II of the Dodd-Frank Act (“Title II”), while also recommending the addition of a new Chapter 14 to the Bankruptcy Code. Concluding “unequivocally that…
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The Bank of England’s Presumptive Path
By Randall D. Guynn & Andrew Samuel on
Posted in Bank Regulation, Resolution
Last week, the Bank of England updated its public disclosure about how it would use its resolution powers to ensure that systemically important banks can be allowed to fail without destabilizing the financial system or using public funds to bail out their private sector shareholders or bondholders. See The Bank …
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