On June 24, 2024, the Office of the Comptroller of the Currency (the “OCC”) issued a notice of proposed rulemaking (the “Proposal”) that would amend its recovery planning guidelines for large insured banks under OCC oversight (i.e., national banks, federal savings banks and federal branches). Comments are due on the Proposal 30 days after the date of publication in the…

On June 20, 2024, the Federal Deposit Insurance Corporation (“FDIC”) issued a final rule comprehensively restating and expanding its resolution planning rule (the “IDI Rule”) applicable to large insured depository institutions (“IDIs”).[1]  The release finalizes the rule proposal from August 29, 2023 (the “Proposal”). The Proposal was released alongside (i) proposed guidance on resolution planning for section 165(d) holding company…

In a speech on May 27, 2024, Acting Comptroller of the Currency, Michael J. Hsu, stated that expanding the application of the Office of the Comptroller of the Currency’s (“OCC”) recovery guidelines (the “Recovery Guidelines”) to all large banks under OCC oversight (i.e., national banks, federal savings banks and federal branches) with at least $100 billion in assets “warrants serious…

As detailed in our recent Debevoise in Depth articles,[1] both the Office for the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Cooperation (“FDIC”) have proposed changes to their Bank Merger Act (“BMA”) review policies, with the FDIC also proposing updates to its supplemental BMA application form.[2]  As to the Federal Reserve Board (“FRB”), at an April 10,…

Introduction On April 10, 2024, the Federal Deposit Insurance Corporation (the “FDIC”) released a report regarding Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act“),[1] titled Overview of Resolution Under Title II of the Dodd-Frank Act (the “Report”).[2] Enacted in 2010, in response to the 2008 financial crisis, Title II of the Dodd-Frank Act…

Hundreds of hours’ worth of changes and additions proposed for applicants On March 21, 2024, the Federal Deposit Insurance Corporation (“FDIC”) published a proposed update to its Statement of Policy on Bank Merger Transactions, detailed in our March 27, 2024 Debevoise In Depth.[1]  As previewed in that proposal, on April 19, 2024, the FDIC proposed an update to its Supplement…

On February 28, 2024, U.S. President Joe Biden signed Executive Order 14117, “Preventing Access to Americans’ Bulk Sensitive Personal Data and United States Government-Related Data by Countries of Concern” (the “Order”). Concurrently with the issuance of the Order, the U.S. Department of Justice (“DOJ”) released an Advance Notice of Proposed Rulemaking (“ANPRM”) that discusses the potential regulatory framework to implement…

On March 6, 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted a long-awaited final rule, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which will require registrants, including foreign private issuers (“FPIs”),[1] to disclose extensive climate-related information in their registration statements and periodic reports (the “Final Rule”). The Final Rule is intended to facilitate the disclosure of “complete…

On February 28, 2024, President Biden issued an Executive Order (the “Order”) designed to protect the “sensitive personal data” of Americans from “exploitation” by “countries of concern” or related “covered persons.” Concurrently, the Department of Justice (“DOJ”) released an Advance Notice of Proposed Rulemaking (“Advance Notice”), detailing potential definitions for key terms not defined in the Order, discussing the potential…

Financial regulators continue to focus their attention on financial stability risks, particularly in the non-bank sector, suggesting Financial Stability Oversight Council (“FSOC”) powers could be deployed to address these risks.  Nonbank financial institutions (“NBFI”) and technology-related risks, particularly those related to artificial intelligence (“AI”), were key areas of focus in this month’s Congressional hearings with FSOC’s chair, Treasury Secretary Janet…