The Federal Reserve Board ("FRB") and FDIC adopted a final rule amending resolution
planning requirements under the Dodd-Frank Act.
The final rule is designed to make improvements to the
November 2011 joint resolution plan rule and implement
amendments made by the
Economic Growth, Regulatory Relief and Consumer Protection Act.
Pursuant to the final rule, both agencies will extend the
"default resolution plan filing cycle" and permit more
focused resolution plan submissions. Additionally, the FRB will
tailor the resolution planning requirements to U.S. and foreign
banking organizations by using four "risk-based
categories."
According to the agencies, the final rule is substantially
similar to the
proposal. However, as per one key change, the final rule will
allow only smaller and less complex firms to request waivers of
particular elements of their full resolution plans. If such
requests are submitted, those firms will have to receive approval
from both the FRB
