Federal Register - February 3, 2021
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Source: Federal Register
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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations as set forth in the capital plan submitted by the covered savings and loan holding company in the calendar year in which the Board adjusts the covered savings and loan holding companys stress capital buffer requirement.
g Review of capital plans by the Federal Reserve. The Board, or the appropriate Reserve Bank with concurrence of the Board, will consider the following factors in reviewing a covered savings and loan holding companys capital plan:
1 The comprehensiveness of the capital plan, including the extent to which the analysis underlying the capital plan captures and addresses potential risks stemming from activities across the covered savings and loan holding company and the covered savings and loan holding companys capital policy;
2 The reasonableness of the covered savings and loan holding companys capital plan, the assumptions and analysis underlying the capital plan, and the robustness of its capital adequacy process;
3 Relevant supervisory information about the covered savings and loan holding company and its subsidiaries;
4 The covered savings and loan holding companys regulatory and financial reports, as well as supporting data that would allow for an analysis of the covered savings and loan holding companys loss, revenue, and reserve projections;
5 The results of any stress tests conducted by the covered savings and loan holding company or the Federal Reserve; and 6 Other information requested or required by the Board or the appropriate Reserve Bank, as well as any other information relevant, or related, to the savings and loan holding companys capital adequacy.
h Federal Reserve notice of stress capital buffer requirement; final planned capital distributions1
Notice. The Board will provide a covered savings and loan holding company with notice of its stress capital buffer requirement and an explanation of the results of the supervisory stress test. Unless otherwise determined by the Board, notice will be provided by June 30 of the calendar year in which the capital plan was submitted pursuant to paragraph e1ii of this section or within 90 calendar days of receiving notice that the Board will recalculate the covered savings and loan holding companys stress capital buffer requirement pursuant to paragraph f3
of this section.
2 Response to noticei Request for reconsideration of stress capital buffer
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requirement. A covered savings and loan holding company may request reconsideration of a stress capital buffer requirement provided under paragraph h1 of this section. To request reconsideration of a stress capital buffer requirement, a covered savings and loan holding company must submit to the Board a request pursuant to paragraph i of this section.
ii Adjustments to planned capital distributions. Within two business days of receipt of notice of a stress capital buffer requirement under paragraph h1 or i5 of this section, as applicable, a covered savings and loan holding company must:
A Determine whether the planned capital distributions for the fourth through seventh quarters 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; and 1 If the planned capital distributions for the fourth through seventh quarters of the planning horizon under the Internal baseline scenario would not 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 covered savings and loan holding company must adjust its planned capital distributions such that its planned capital distributions 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; or 2 If the planned capital distributions for the fourth through seventh quarters 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 covered savings and loan holding company may adjust its planned capital distributions.
A covered savings and loan holding company may not adjust its planned capital distributions to be inconsistent with the effective capital distribution limitations assuming the stress capital
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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 covered savings and loan 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 savings and loan holding company with its final stress capital buffer requirement and confirmation of the covered savings and loan 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 covered savings and loan 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.
5 Publication. With respect to any covered savings and loan 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 covered savings and loan 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.
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