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S 3070 115th Congress Senate Finance and Financial Sector Banking and financial institutions regulation Financial crises and stabilization Government information and archives

Financial Institution Living Will Improvement Act of 2018

Introduced: June 14, 2018 Introduced by: Rounds, Mike Republican · South Dakota See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 14, 2018
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jun 14, 2018
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now June 14, 2018

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1