On April 12, 2011, the Board of Governors of the Federal Reserve System (the "Board") and the Federal Deposit Insurance Corporation ("FDIC") issued a jointly proposed Notice of Proposed Rulemaking (the "Proposed Rules") intended to implement section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") which requires each nonbank financial company supervised by the Board and each bank holding company with assets of US$50 billion or more to report periodically to the Board, the FDIC and the Financial Stability Oversight Council (the "Council") (i) the plan of such company for rapid and orderly resolution in the event of material financial distress or failure (a "Resolution Plan"), and (ii) the nature and extent of credit exposures of such company to significant bank holding companies and significant nonbank financial companies and the nature and extent of the credit exposures of significant bank holding companies and significant nonbank financial companies to such company (a "Credit Exposure Report"). The Proposed Rules were approved by the FDIC on March 29, 2011. Comments on the Proposed Rules are due no later than June 10, 2011. The Proposed Rules are required to be finalized no later than January 22, 2012.
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