BPI Response to Guidance for Resolution Plan Submissions of Domestic and Foreign Triennial Filers

Ladies and Gentlemen:

The Bank Policy Institute [1] appreciates the opportunity to comment on the Board of Governors of the Federal Reserve System and Federal Deposit Insurance Corporation’s (together, the Agencies) proposed Guidance for Resolution Plan Submissions of Domestic Triennial Full Filers [2] and Guidance for Resolution Plan Submissions of Foreign Triennial Full Filers [3] (together, 165(d) Proposed Guidance).

As a preliminary matter, we provide the following overarching observations:

First, the 165(d) Proposed Guidance should continue to be tailored based on the risk an institution presents, addressing the differences between the largest GSIBs and the Category II and Category III firms that will be subject to the proposed guidance, rather than applying many of the most onerous GSIB expectations without differentiation. In this manner, the 165(d) Proposed Guidance—like the Long-Term Debt Proposal [4]—ignores the statutory instruction to tailor the application of prudential standards and, in certain cases, make a determination regarding the application of these standards. Section 165 of the Dodd-Frank Act includes three core, yet simple requirements.5 The Federal Reserve shall establish enhanced prudential standards for bank holding companies with $250 billion or more in total consolidated assets; shall differentiate the application of enhanced prudential standards (either on an individual basis or by category) based on a bank holding company’s capital structure, riskiness, complexity, financial activities, size, or other risk-related factors; and shall make a determination in order to apply enhanced prudential standards to any bank holding company or bank holding companies with total consolidated assets between $100 billion and $250 billion.

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[1] BPI is a nonpartisan public policy, research, and advocacy group, representing the nation’s leading banks and their customers. BPI’s members include universal banks, regional banks, and major foreign banks doing business in the United States.

[2] Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Guidance for Resolution Plan Submissions of Domestic Triennial Full Filers, 88 Fed. Reg. 64626 (Sept. 19, 2023) (hereinafter Domestic Filer Proposed Guidance).

[3] Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Guidance for Resolution Plan Submissions of Foreign Triennial Full Filers, 88 Fed. Reg. 64641 (Sept. 19, 2023) (hereinafter Foreign Filer Proposed Guidance).

[4] Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Long-Term Debt Requirements for Large Bank Holding Companies, Certain Intermediate Holding Companies of Foreign Banking Organizations, and Large Insured Depository Institutions, 88 Fed. Reg. 64524 (Sept. 19, 2023).