House Passes ABA-Backed ‘Living Will’ Reform Bill

The House today voted unanimously to pass the American Bankers Association-supported H.R. 4292, which would extend the submission cycle for large bank resolution plans — also known as “living wills” — to once every two years and require timely regulator feedback. The bill was introduced by Reps. Lee Zeldin (R-N.Y.) and Carolyn Maloney (D-N.Y.).

“Requiring filings no more frequently than every two years and timely regulator feedback on the submissions would make the resolution planning process more efficient, while still supporting regulators’ ability to deal with a failed institution,” ABA said.