Regulation QQ NPRM Press Release

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Joint Press Release
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation

For immediate release

April 12, 2011

Agencies Seek Comment on Resolution Plan Reporting
Large, systemically significant bank holding companies and nonbank financial companies would be
required to submit annual resolution plans and quarterly credit exposure reports under a rule
proposed by the Federal Reserve Board and the Federal Deposit Insurance Corporation.
The agencies are requesting comment by June 10, 2011, on the proposal, which would implement
requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The
requirements apply to bank holding companies with total consolidated assets of $50 billion or more
and nonbank financial companies designated by the Financial Stability Oversight Council for
supervision by the Board.
The annual resolution plan would be required to describe the company's strategy for rapid and
orderly resolution in bankruptcy during times of financial distress. A company would also have to
describe how resolution planning and oversight of the resolution planning process fits into the
company's overall governance structure. In addition, it would be required to include a detailed
listing and description of all significant interconnections and interdependencies among major
business lines and operations of the company that, if disrupted, would materially affect the funding
or operations of the company or its major operations.
The quarterly credit exposure report would be required to describe the nature and extent of the
company's credit exposure to other large financial companies, as well as the nature and extent of
credit exposure by other large financial companies to the company. The credit exposure report
would be required to include information related to the aggregate credit exposure associated with a
range of transactions.
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Media Contacts:
Federal Reserve
FDIC

Barbara Hagenbaugh
David Barr

202-452-2955
202-898-6992

http://www.federalreserve.gov/newsevents/press/bcreg/20110412b.htm

11/2/2011