The OCC, the Federal Reserve Board and the FDIC extended the comment deadline on a proposed rule on long-term debt requirements. The comment period was extended to January 16, 2024.
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The Federal Reserve Board and the FDIC proposed guidance for certain domestic and foreign institutions to clarify expectations on the development of orderly resolution plans under the U.S. Bankruptcy Code.
The OCC, the Federal Reserve Board and the FDIC proposed long-term debt requirements for large banking entities, holding companies, foreign banking organizations and large insured depository institutions to facilitate resolvability in the event of failure and to reduce the risk of contagion within the financial system.
The comment deadline was officially set for the SEC's proposed (i) amendments to current requirements on clearing agencies' risk-based margin systems and (ii) new rule on the content of clearing agencies' recovery and wind-down plans. The July 17, 2023 comment deadline was published in the Federal Register.
Federal Reserve Board Governor Michelle W. Bowman acknowledged the "drumbeat calling for broad, fundamental reforms in response to recent bank failures," but argued for "targeted changes to address identified root causes of banking system stress," and against "radical reform of the bank regulatory framework".