Financial Institution Living Will Legislation among Bills Passed by House - ABI

The House of Representatives passed five bipartisan bills from the Financial Services Committee this week, including H.R. 4292, the "Financial Institution Living Will Improvement Act of 2017," according to a press release. The bill is sponsored by Rep. Lee Zeldin (R-N.Y.) and would amend the “Dodd-Frank Wall Street Reform and Consumer Protection Act” to reform the resolution plan submission “living will” process by requiring bank holding companies to submit to the Federal Reserve Board (Federal Reserve) and the Federal Deposit Insurance Corporation (FDIC) resolution plans every two years. This bill requires the Federal Reserve and FDIC to provide feedback regarding a resolution plan within six months after a bank holding company submission. This bill would also require the Federal Reserve and FDIC to publicly disclose the assessment framework used to review the adequacy of resolution plans. Other legislation passed by the House includes:
• H.R. 1457, the Making Online Banking Initiation Legal and Easy (MOBILE) Act
• H.R. 1426, the Federal Savings Association Charter Flexibility Act of 2017
• H.R. 2255, the Housing Opportunities Made Easier (HOME)
• H.R. 4792, the Small Business Access to Capital After a Natural Disaster

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