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Understanding the Dodd-Frank Living Will Requirements

OnDemand Webinar (86 minutes)

The Dodd-Frank Act living will requirements are among the most significant aspects of the new law designed to get at the issue of containing the systemic risks posed by large bank holding companies and nonbank financial firms. In effect, the living will is exactly as described - a self-designed plan by a systemically significant firm to conduct a rapid and orderly wind down of its affairs in the event it encounters financial stress. Unclear, however, is whether the requirements of the recently issued Federal Reserve and FDIC rules will serve to contain systemic risk or expose firm weaknesses in a manner that could compromise and expose their operations to the scrutiny of direct competitors. Also difficult to discern is the process of identifying significant interconnectedness among large bank holding companies and nonbank financial firms and isolating the systemic risks posed by one entity to that of numerous other systemically significant firms and systemically critical markets. The OnDemand Webinar will explore both the legal and policy implications of Section 165(d) of the Dodd-Frank Act and provide an understanding of the broader goal and regulatory jurisdiction to identify, measure, and contain systemic risk. The program will explain the practical aspects of the living will process, as well as the challenges for institutions and regulators in implementing and satisfying the Congressional intent behind Section 165(d). The OnDemand Webinar will provide a working knowledge of the resolution plan process and requirements and address what the new law may mean for institutions not directly affected by the living will requirements.

Authors

Kevin L. Petrasic, Paul Hastings

Agenda

Who Is Covered by the Dodd-Frank Living Will Requirements?

• Bank Holding Companies With Assets Greater Than $50B

• Nonbank Financial Companies

• Special Issues With Foreign Financial Companies

What Are the Living Will Reporting Requirements?

• Initial Filing of the Resolution Plan

• Annual Update of the Resolution Plan

• Quarterly Credit Exposure Reports

Implications for Failure to File and Maintain Updated Information

• Regulatory Restrictions

• Divestiture

Procedural and Timing Considerations

• Who Must File When

• Waivers, Acceleration and Extensions

Informational Content of the Living Will Plan

Implications for Depository Holding Companies and Nonbank Financial Firms Not Covered by the Rule

• Will Regulatory Upgrading Migrate Requirements to Companies Not Covered by the Statute?

• Indirect Impact of Companies Delinking Operations

• Competitive Impact - Benefits and Drawbacks