Page:United States Statutes at Large Volume 124.djvu/1452

 124 STAT. 1426 PUBLIC LAW 111–203—JULY 21, 2010 or a bank holding company described in subsection (a), and subsidiaries thereof; and (E) any other factor that the Board of Governors deems appropriate. (d) RESOLUTION PLAN AND CREDIT EXPOSURE REPORTS.— (1) RESOLUTION PLAN.—The Board of Governors shall require each nonbank financial company supervised by the Board of Governors and bank holding companies described in subsection (a) to report periodically to the Board of Governors, the Council, and the Corporation the plan of such company for rapid and orderly resolution in the event of material finan- cial distress or failure, which shall include— (A) information regarding the manner and extent to which any insured depository institution affiliated with the company is adequately protected from risks arising from the activities of any nonbank subsidiaries of the com- pany; (B) full descriptions of the ownership structure, assets, liabilities, and contractual obligations of the company; (C) identification of the cross-guarantees tied to dif- ferent securities, identification of major counterparties, and a process for determining to whom the collateral of the company is pledged; and (D) any other information that the Board of Governors and the Corporation jointly require by rule or order. (2) CREDIT EXPOSURE REPORT.—The Board of Governors shall require each nonbank financial company supervised by the Board of Governors and bank holding companies described in subsection (a) to report periodically to the Board of Gov- ernors, the Council, and the Corporation on— (A) the nature and extent to which the company has credit exposure to other significant nonbank financial companies and significant bank holding companies; and (B) the nature and extent to which other significant nonbank financial companies and significant bank holding companies have credit exposure to that company. (3) REVIEW.—The Board of Governors and the Corporation shall review the information provided in accordance with this subsection by each nonbank financial company supervised by the Board of Governors and bank holding company described in subsection (a). (4) NOTICE OF DEFICIENCIES.—If the Board of Governors and the Corporation jointly determine, based on their review under paragraph (3), that the resolution plan of a nonbank financial company supervised by the Board of Governors or a bank holding company described in subsection (a) is not credible or would not facilitate an orderly resolution of the company under title 11, United States Code— (A) the Board of Governors and the Corporation shall notify the company of the deficiencies in the resolution plan; and (B) the company shall resubmit the resolution plan within a timeframe determined by the Board of Governors and the Corporation, with revisions demonstrating that the plan is credible and would result in an orderly resolu- tion under title 11, United States Code, including any