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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations
of the planning horizon under the Internal baseline scenario would be consistent with effective capital distribution limitations assuming the stress capital buffer requirement provided by the Board under paragraph h1 or i5 of this section, as applicable, in place of any stress capital buffer requirement in effect, the bank holding company may adjust its planned capital distributions. A bank holding company may not adjust its planned capital distributions to be inconsistent with the effective capital distribution limitations assuming the stress capital buffer requirement provided by the Board under paragraph h1 or i5 of this section, as applicable; and B Notify the Board of any adjustments made to planned capital distributions for the fourth through seventh quarters of the planning horizon under the Internal baseline scenario.
3 Final planned capital distributions. The Board will consider the planned capital distributions, including any adjustments made pursuant to paragraph h2ii of this section, to be the bank holding companys final planned capital distributions on the later of:
i The expiration of the time for requesting reconsideration under paragraph i of this section; and ii The expiration of the time for adjusting planned capital distributions pursuant to paragraph h2ii of this section.
4 Effective date of final stress capital buffer requirement. i The Board will provide a bank holding company with its final stress capital buffer requirement and confirmation of the bank holding companys final planned capital distributions by August 31 of the calendar year that a capital plan was submitted pursuant to paragraph e1ii of this section, unless otherwise determined by the Board. A
stress capital buffer requirement will not be considered final so as to be agency action subject to judicial review under 5 U.S.C. 704 during the pendency of a request for reconsideration made pursuant to paragraph i of this section or before the time for requesting reconsideration has expired.
ii Unless otherwise determined by the Board, a bank holding companys final planned capital distributions and final stress capital buffer requirement shall:
A Be effective on October 1 of the calendar year in which a capital plan was submitted pursuant to paragraph e1ii of this section; and B Remain in effect until superseded.

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5 Publication. With respect to any bank holding company subject to this section, the Board may disclose publicly any or all of the following:
i The stress capital buffer requirement provided to a bank holding company under paragraph h1 or i5
of this section;
ii Adjustments made pursuant to paragraph h2ii;
iii A summary of the results of the supervisory stress test; and iv Other information.
i Administrative remedies; request for reconsideration. The following requirements and procedures apply to any request under this paragraph i:
1 General. To request reconsideration of a stress capital buffer requirement, provided under paragraph h of this section, a bank holding company must submit a written request for reconsideration.
2 Timing of request. A request for reconsideration of a stress capital buffer requirement, provided under paragraph h of this section, must be received within 15 calendar days of receipt of a notice of a bank holding companys stress capital buffer requirement.
3 Contents of request. i A request for reconsideration must include a detailed explanation of why reconsideration should be granted that is, why a stress capital buffer requirement should be reconsidered.
With respect to any information that was not previously provided to the Federal Reserve in the bank holding companys capital plan, the request should include an explanation of why the information should be considered.
ii A request for reconsideration may include a request for an informal hearing on the bank holding companys request for reconsideration.
4 Hearing. i The Board may, in its sole discretion, order an informal hearing if the Board finds that a hearing is appropriate or necessary to resolve disputes regarding material issues of fact.
ii An informal hearing shall be held within 30 calendar days of a request, if granted, provided that the Board may extend this period upon notice to the requesting party.
5 Response to request. Within 30
calendar days of receipt of the bank holding companys request for reconsideration of its stress capital buffer requirement submitted under paragraph i2 of this section or within 30 days of the conclusion of an informal hearing conducted under paragraph i4 of this section, the Board will notify the company of its decision to affirm or modify the bank holding companys stress capital buffer
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requirement, provided that the Board may extend this period upon notice to the bank holding company.
6 Distributions during the pendency of a request for reconsideration. During the pendency of the Boards decision under paragraph i5 of this section, the bank holding company may make capital distributions that are consistent with effective distribution limitations, unless prior approval is required under paragraph j1 of this section.
j Approval requirements for certain capital actions1 Circumstances requiring approvalResubmission of a capital plan. Unless it receives prior approval pursuant to paragraph j3 of this section, a bank holding company may not make a capital distribution excluding any capital distribution arising from the issuance of a capital instrument eligible for inclusion in the numerator of a regulatory capital ratio if the capital distribution would occur after the occurrence of an event requiring resubmission under paragraph e4iA or B of this section.
2 Contents of request. A request for a capital distribution under this section must contain the following information:
i The bank holding companys capital plan or a discussion of changes to the bank holding companys capital plan since it was last submitted to the Federal Reserve;
ii The purpose of the transaction;
iii A description of the capital distribution, including for redemptions or repurchases of securities, the gross consideration to be paid and the terms and sources of funding for the transaction, and for dividends, the amount of the dividends; and iv Any additional information requested by the Board or the appropriate Reserve Bank which may include, among other things, an assessment of the bank holding companys capital adequacy under a severely adverse scenario, a revised capital plan, and supporting data.
3 Approval of certain capital distributions. i The Board, or the appropriate Reserve Bank with concurrence of the Board, will act on a request for prior approval of a capital distribution within 30 calendar days after the receipt of all the information required under paragraph j2 of this section.
ii In acting on a request for prior approval of a capital distribution, the Board, or appropriate Reserve Bank with concurrence of the Board, will apply the considerations and principles in paragraph g of this section, as appropriate. In addition, the Board, or the appropriate Reserve Bank with concurrence of the Board, may
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