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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations
Subpart SCapital Planning and Stress Capital Buffer Requirement
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238.170 Capital planning and stress capital buffer requirement.

a Purpose. This section establishes capital planning and prior notice and approval requirements for capital distributions by certain savings and loan holding companies. This section also establishes the Boards process for determining the stress capital buffer requirement applicable to these savings and loan holding companies.
b Scope and reservation of authority1 Applicability. Except as provided in 238.170c, this section applies to:
i Any top-tier covered savings and loan holding company domiciled in the United States with average total consolidated assets of $100 billion or more $100 billion asset threshold; and ii Any other covered savings and loan holding company domiciled in the United States that is made subject to this section, in whole or in part, by order of the Board.
2 Average total consolidated assets.
For purposes of this section, average total consolidated assets means the average of the total consolidated assets as reported by a covered savings and loan holding company on its Consolidated Financial Statements for Holding Companies FR Y9C for the four most recent consecutive quarters. If the covered savings and loan holding company has not filed the FR Y9C for each of the four most recent consecutive quarters, average total consolidated assets means the average of the companys total consolidated assets, as reported on the companys FR Y9C, for the most recent quarter or consecutive quarters, as applicable. Average total consolidated assets are measured on the as-of date of the most recent FR Y9C
used in the calculation of the average.
3 Ongoing applicability. A covered savings and loan holding company including any successor covered savings and loan holding company that is subject to any requirement in this section shall remain subject to such requirements unless and until its total consolidated assets fall below $100
billion for each of four consecutive quarters, as reported on the FR Y9C
and effective on the as-of date of the fourth consecutive FR Y9C.
4 Reservation of authority. Nothing in this section shall limit the authority of the Federal Reserve to issue or enforce a capital directive or take any other supervisory or enforcement action, including an action to address unsafe or unsound practices or conditions or violations of law.

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5 Application of this section by order. The Board may apply this section, in whole or in part, to a covered savings and loan holding company by order based on the institutions size, level of complexity, risk profile, scope of operations, or financial condition.
c Transition periods for certain covered savings and loan holding companies. 1 A covered savings and loan holding company that meets the $100 billion asset threshold as measured under paragraph b of this section on or before September 30 of a calendar year must comply with the requirements of this section beginning on January 1 of the next calendar year, unless that time is extended by the Board in writing. Notwithstanding the previous sentence, the Board will not provide a covered savings and loan holding company with notice of its stress capital buffer requirement until the first year in which the Board conducts an analysis of the covered savings and loan company pursuant to 12 CFR 238.132.
2 A covered savings and loan holding company that meets the $100
billion asset threshold after September 30 of a calendar year must comply with the requirements of this section beginning on January 1 of the second calendar year after the covered savings and loan holding company meets the $100 billion asset threshold, unless that time is extended by the Board in writing. Notwithstanding the previous sentence, the Board will not provide a covered savings and loan holding company with notice of its stress capital buffer requirement until the first year in which the Board conducts an analysis of the covered savings and loan holding company pursuant to 12 CFR 238.132.
3 The Board, or the appropriate Reserve Bank with the concurrence of the Board, may require a covered savings and loan holding company described in paragraph c1 or 2 of this section to comply with any or all of the requirements of this section if the Board, or appropriate Reserve Bank with concurrence of the Board, determines that the requirement is appropriate on a different date based on the companys risk profile, scope of operation, or financial condition and provides prior notice to the company of the determination.
d Definitions. For purposes of this section, the following definitions apply:
1 Advanced approaches means the risk-weighted assets calculation methodologies at 12 CFR part 217, subpart E, as applicable.
2 Average total nonbank assets means the average of the total nonbank assets, calculated in accordance with
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the instructions to the FR Y9LP, for the four most recent calendar quarters or, if the covered savings and loan holding company has not filed the FR Y9LP for each of the four most recent calendar quarters, for the most recent quarter or quarters, as applicable.
3 Capital action means any issuance of a debt or equity capital instrument, any capital distribution, and any similar action that the Federal Reserve determines could impact a covered savings and loan holding companys consolidated capital.
4 Capital distribution means a redemption or repurchase of any debt or equity capital instrument, a payment of common or preferred stock dividends, a payment that may be temporarily or permanently suspended by the issuer on any instrument that is eligible for inclusion in the numerator of any minimum regulatory capital ratio, and any similar transaction that the Federal Reserve determines to be in substance a distribution of capital.
5 Capital plan means a written presentation of a covered savings and loan holding companys capital planning strategies and capital adequacy process that includes the mandatory elements set forth in paragraph e2 of this section.
6 Capital plan cycle means the period beginning on January 1 of a calendar year and ending on December 31 of that year.
7 Capital policy means a covered savings and loan holding companys written principles and guidelines used for capital planning, capital issuance, capital usage and distributions, including internal capital goals; the quantitative or qualitative guidelines for capital distributions; the strategies for addressing potential capital shortfalls;
and the internal governance procedures around capital policy principles and guidelines.
8 Category IV savings and loan holding company means a covered savings and loan holding company identified as a Category IV banking organization pursuant to 12 CFR 238.10.
9 Common equity tier 1 capital has the same meaning as under 12 CFR part 217.
10 Effective capital distribution limitations means any limitations on capital distributions established by the Board by order or regulation, including pursuant to 12 CFR 217.11, provided that, for any limitations based on riskweighted assets, such limitations must be calculated using the standardized approach, as set forth in 12 CFR part 217, subpart D.
11 Final planned capital distributions means the planned capital
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