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.

In response to an Advance Noticed of Proposed Rulemaking that would add "an extra layer of loss-absorbing capacity" in resolving certain large banking organizations, SIFMA said that it is both unnecessary and inappropriate to extend the enhanced resolution requirements to non global systemically important banking organizations whose primary operations are as retail broker-dealers.

The comment deadline for the joint Federal Reserve Board and FDIC Advance Notice of Proposed Rulemaking soliciting feedback on whether the agencies should revise large bank resolution standards was extended to January 23, 2023.

Comments on a joint FRB and FDIC Advance Notice of Proposed Rulemaking soliciting feedback on whether the agencies should strengthen large bank resolution standards are due by December 23, 2022.