On November 22, pursuant to Section 165 of the Dodd-Frank Act, the Fed adopted a final rule amending Regulation Y to require bank holding companies with total consolidated assets of $50 billion or more to submit annual capital plans for review. The final rule also requires these banks to obtain approval from the Fed under certain circumstances before making a capital distribution. The final rule will be effective on December 30 and covered banks must submit their capital plans by January 9, 2012. Fed Release. Fed Final Rule.