Acting Comptroller Issues Statement on FDIC Resolution Plan Rule — 2024-06-20

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement at today’s Federal Deposit Insurance Corporation (FDIC) board meeting regarding the final rule on insured depository institution (IDI) resolution planning. As a long-time regulator of large financial institutions, I know first-hand the consequences of complacency when it comes to resolvability. Those consequences can include not just disorderly failure and the need for extraordinary government action, but also a broader loss of trust in banks and their regulators. It is on us to remain vigilant to safeguard that trust. I support the final rule to modify the current insured depository institution (IDI) resolution plan rule, codified at 12 CFR 360.10, including requirements for the content, timing, and evaluation of resolution submissions, to support the FDIC’s readiness in the event of material distress and failure of a covered IDI (CIDI).