(a) Authority. This part is issued pursuant to section 165(d)(8) of the Dodd-Frank
Wall Street Reform and Consumer Protection Act (Pub. L. 111-203, 124
Stat. 1376, 1426-1427), as amended by the Economic Growth, Regulatory
Relief, and Consumer Protection Act (Pub. L. 115-174, 132 Stat. 1296)
(the Dodd-Frank Act), 12 U.S.C. 5365(d)(8), which requires the Board
of Governors of the Federal Reserve System (Board) and the Federal
Deposit Insurance Corporation (Corporation) to jointly issue rules
implementing the provisions of section 165(d) of the Dodd-Frank Act.
The Board is also issuing this part pursuant to section 165(a)(2)(C)
of the Dodd-Frank Act.
(b) Scope. This part applies to each covered
company and establishes rules and requirements regarding the submission
and content of a resolution plan, as well as procedures for review
by the Board and Corporation of a resolution plan.
