115 HR 4292 IH: Financial Institution Living Will Improvement Act of 2017 U.S. House of Representatives 2017-11-07 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I115th CONGRESS1st SessionH. R. 4292IN THE HOUSE OF REPRESENTATIVESNovember 7, 2017Mr. Zeldin (for himself and Mrs. Carolyn B. Maloney of New York) introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo reform the living will process under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

1.

Short title

This Act may be cited as the Financial Institution Living Will Improvement Act of 2017.

2.

Living will reforms

(a)

In general

Section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5365) is amended— (1)in paragraph (1), by striking periodically and inserting not more often than every 2 years; and (2)in paragraph (3)— (A)by striking The Board and inserting the following: (A)

In general

The Board; (B)by striking shall review and inserting the following: shall—(i)review; (C)by striking the period and inserting ; and; and (D)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.. (b)

Treatment of other resolution plan requirements

(1)

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— (A)the agency shall comply with the requirements of paragraphs (3) and (4) of such section 165(d); (B)the agency may not require the submission of such a resolution plan more often than every 2 years; and (C)paragraphs (6) and (7) of such section 165(d) shall apply to such a resolution plan. (2)

Definitions

For purposes of this subsection: (A)

Banking organization

The term banking organization means— (i)an insured depository institution; (ii)an insured credit union; (iii)a depository institution holding company; (iv)a company that is treated as a bank holding company for purposes of section 8 of the International Banking Act; and (v)a U.S. intermediate holding company established by a foreign banking organization pursuant to section 252.153 of title 12, Code of Federal Regulations. (B)

Insured credit union

The term insured credit union has the meaning given that term under section 101 of the Federal Credit Union Act. (C)

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.