Title: Financial Institution Living Will Improvement Act of 2018
Policy area: Finance and Financial Sector

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.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 3070 Introduced in Senate (IS)]

<DOC>






115th CONGRESS
  2d Session
                                S. 3070

  To reform the living will process under the Dodd-Frank Wall Street 
                  Reform and Consumer Protection Act.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 14, 2018

 Mr. Rounds (for himself and Mr. Jones) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To reform the living will process under the Dodd-Frank Wall Street 
                  Reform and Consumer Protection Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Financial Institution Living Will 
Improvement Act of 2018''.

SEC. 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(d)) is amended--
            (1) in paragraph (1), by striking ``periodically'' and 
        inserting ``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 respective agency shall ensure that the 
                review of such resolution plan is consistent with the 
                requirements contained in the amendments made by this 
                Act;
                    (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) Appropriate federal banking agency.--The term 
                ``appropriate Federal banking agency''--
                            (i) has the meaning given such term under 
                        section 3 of the Federal Deposit Insurance Act; 
                        and
                            (ii) means the National Credit Union 
                        Administration, in the case of an insured 
                        credit union.
                    (B) 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.
                    (C) Insured credit union.--The term ``insured 
                credit union'' has the meaning given that term under 
                section 101 of the Federal Credit Union Act.
                    (D) Other banking terms.--The terms ``depository 
                institution holding company'' and ``insured depository 
                institution'' have the meaning given those terms, 
                respectively, under section 3 of the Federal Deposit 
                Insurance Act.
    (c) Rule of Construction.--Nothing in this Act, or any amendment 
made by this Act, shall be construed as limiting the authority of an 
appropriate Federal banking agency (as defined under subsection (b)(2)) 
to obtain information from an institution in connection with such 
agency's authority to examine or require reports from the institution.
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