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.
News & Insights
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.
FDIC Chair Martin J. Gruenberg recounted the "lessons learned" from recent bank failures and reviewed proposed rulemakings.
JPMorgan Chase Bank assumed all of First Republic Bank's deposits and nearly all assets, making all depositors of First Republic Bank depositors of JPMorgan Chase Bank as of Monday, May 1, 2023.