On August 8, the Fed, the FDIC, and the OCC extended the comment period for the three notices of proposed rulemaking from June 7 to revise and replace current capital rules. Comments originally due on September 7 are now due on October 22. Fed Release.
Basel III NPR. Standardized Approach NPR. Advanced Approaches and Market Risk NPR.
NPR
FDIC, SEC Meetings for Credit Risk Retention Proposed Rule
On March 29, the FDIC will meet to consider an NPR to implement Section 941 of the Dodd-Frank Act, which addresses the regulation of credit risk retention. The meeting will be webcast live, and made available on-demand approximately one week after the event. On March 30, the SEC will also hold an Open Meeting to consider proposing joint rules regarding credit risk retention. FDIC Release. FDIC Webcast. SEC Release. SEC Webcast.
FDIC Proposed Rule for Orderly Liquidation Authority
On March 15, the FDIC approved a Notice of Proposed Rulemaking to clarify application of the orderly liquidation authority mandated by the Dodd-Frank Act. The NPR: (i) builds on the interim rule of January 18, which clarified certain issues under the OLA; (ii) establishes a framework for the priority payment of creditors and for the procedures for filing a claim with a receiver and, if dissatisfied, pursuing a claim in court; (iii) clarifies how compensation will be recouped from senior executives and directors who are substantially responsible for the failure of the firm; and (iv) clarifies the meaning of “financial company”. Comments must be submitted within 60 days after publication in the Federal Register. FDIC Release. FDIC Proposed Rule.