010-20 Wyo. Code R. §§ 20-4 - Applicability of Rules

(a) Not more than forty-five (45) days after a charter has been approved by the Board, a draft resolution plan shall be submitted to the Commissioner for review.

(b) A draft resolution plan shall encompass the requirements of a "tailored resolution plan" specified by 12 C.F.R. § 243.4(a)(3), as of October 1, 2019. As determined by the Commissioner, the draft resolution plan shall follow the format of the "Model Template for § 165(d) Tailored Resolution Plan" prepared by the Board of Governors of the Federal Reserve System, as of October 1, 2019. A resolution plan shall also identify at least two (2) business entities that could potentially have the resources and interest to acquire the special purpose depository institution, or any component of the institution, in the event of financial distress or another contingency warranting use of the resolution plan. The resolution plan shall include a procedure for speedily transferring all assets of the institution to another institution and a procedure for speedily liquidating all assets of the institution.

(c) The Commissioner, in consultation with the officers of the special purpose depository institution, shall review the draft resolution plan submitted under this section for completeness and determine whether it appropriately addresses the risks inherent in a potential resolution of the institution. The institution shall amend the draft plan as reasonably required by the Commissioner to protect the interests of the customers of the institution and to protect the federal and state financial system from material risks. After consultation with the Commissioner under this subsection, the board of directors of the institution shall review the draft resolution plan and approve a final resolution plan within ninety (90) days of obtaining a certificate of authority under W.S. 13-12-116. Not later than thirty (30) days after the approval of the board of directors, the chief executive officer of the special purpose depository institution shall file the final resolution plan with the Commissioner.

(d) After initial filing under subsection (c) of this section, the board of directors of a special purpose depository institution shall annually review and amend the resolution plan of the institution to account for material changes in each of the following areas:

(i) Critical operations or core business lines;

(ii) Corporate structure, including interconnections and interdependencies with other business entities;

(iii) Deposits, assets under custody, assets under management, or similar relationships;

(iv) Funding, liquidity or capital needs or sources; and

(v) Any other area determined to be relevant by the Commissioner.

(e) In addition to the requirements of subsection (d) of this section, the Commissioner may, at any time, require the board of directors of a special purpose depository institution to review and amend its resolution plan.

(f) Chapter 1, § 4 of the Rules of the Division apply to resolution plans filed with the Commissioner under this section. A resolution plan may be disclosed to other governmental agencies, self-regulatory organizations or persons assisting with the resolution of an institution in a confidential format, as deemed appropriate by the Commissioner.

(g) In the event of financial distress or another contingency warranting use of the resolution plan, the Commissioner shall consult the resolution plan filed under this section, and to the extent appropriate under the circumstances, use the plan for the resolution of the institution.

(h) Not more than forty-five (45) days after a charter has been approved by the Board, all executed insurance policies required by W.S. 13-12-119(e) shall be provided to the Commissioner.

Notes

010-20 Wyo. Code R. §§ 20-4

Adopted, Eff. 10/28/2019.