[Federal Register Volume 79, Number 126 (Tuesday, July 1, 2014)]
[Proposed Rules]
[Pages 37235-37239]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-14389]


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FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 325

RIN 3064-AE18


Annual Stress Test

AGENCY: Federal Deposit Insurance Corporation.

ACTION: Proposed rule with request for public comment.

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SUMMARY: The Federal Deposit Insurance Corporation (the ``Corporation'' 
or ``FDIC'') requests comment on this proposed rule that revises FDIC 
Rules and Regulations regarding the annual stress testing requirements 
for state non-member banks and state savings associations with total 
consolidated assets of more than $10 billion (``covered banks''). Our 
regulations, which implement section 165(i)(2) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), 
requires covered banks to conduct annual stress tests and report the 
results of such stress test to the Corporation and the Board of 
Governors of the Federal Reserve System (``Board'') and publicly 
disclose a summary of the results of the required stress tests. The 
FDIC proposes to modify the ``as-of'' dates for financial data (that 
covered banks will use to perform their stress tests) as well as the 
reporting dates and public disclosure dates of the annual stress tests 
for both $10 billion to $50 billion covered banks and $50 billion 
covered banks. The revisions to our regulations would become effective 
January 1, 2016.

DATES: Comments should be received on or before September 2, 2014.

ADDRESSES: You may submit comments by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Agency Web site: http://www.FDIC.gov/regulations/laws/federal/.
     Mail: Robert E. Feldman, Executive Secretary, Attention: 
Comments/Legal ESS, Federal Deposit Insurance Corporation, 550 17th 
Street NW., Washington, DC 20429.
     Hand Delivered/Courier: The guard station at the rear of 
the 550 17th Street Building (located on F Street), on business days 
between 7:00 a.m. and 5:00 p.m.
     E-Mail: [email protected].
    Instructions: Comments submitted must include ``FDIC'' and ``RIN [ 
].'' Comments received will be posted without change to http://
www.FDIC.gov/

[[Page 37236]]

regulations/laws/federal/, including any personal information provided.

FOR FURTHER INFORMATION CONTACT: Ryan Sheller, (202) 412-4861, Section 
Chief, Large Bank Supervision, Division of Risk Management and 
Supervision; Mark G. Flanigan, Counsel, (202) 898-7426, Jason Fincke, 
Counsel, (202) 898-3659, or Grace Pyun, Senior Attorney, (202) 898-
3609, Legal Division, Federal Deposit Insurance Corporation, 550 17th 
Street NW., Washington, DC, 20429.

SUPPLEMENTARY INFORMATION: 

I. Background

A. Part 325 Subpart C --Annual Stress Test

    Section 165(i) of the Dodd-Frank Act requires two types of stress 
tests. Section 165(i)(1) requires the Board to conduct annual stress 
tests of holding companies with $50 billion or more in total 
consolidated assets (``supervisory stress tests''). Section 165(i)(2) 
requires the federal banking agencies to issue regulations requiring 
financial companies with more than $10 billion in total consolidated 
assets to conduct annual stress testes themselves (``bank-run stress 
tests''). Part 325 Subpart C of the FDIC Rules and Regulations 
implements Section 165(i)(2) and requires FDIC-insured state non-member 
banks and FDIC-insured state-chartered savings associations with total 
consolidated assets of more than $10 billion (``covered banks'') to 
conduct annual stress tests. Section 165(i)(2)(C) of the Dodd-Frank Act 
also requires the Corporation, in coordination with the Board and the 
Federal Insurance Office, to issue consistent and comparable 
regulations to implement the requirements of this section. In October 
2012, the FDIC, the Office of the Comptroller of the Currency, and the 
Board issued final rules implementing the company-run stress tests 
required by the Dodd-Frank Act.\1\
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    \1\ 77 FR 62417 (Oct. 15, 2012) (FDIC); 77 FR 61238 (October 9, 
2012) (OCC); 77 FR 62396 (October 12, 2012) (FRB).
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    Part 325 Subpart C identifies two categories for ``covered banks'': 
A state nonmember bank or state savings association that has total 
consolidated assets from (1) $10 billion to $50 billion or (2) over $50 
billion.\2\ For both types of covered banks, the bank-run stress test 
must assess the potential impact of different scenarios \3\ on the 
capital of the covered bank and certain related items over a forward-
looking, nine-quarter planning horizon, taking into account all 
relevant exposures and activities.\4\
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    \2\ 12 CFR 325.202. A $10 billion to $50 billion covered bank is 
a state nonmember bank or state savings association with average 
total consolidated assets greater than $10 billion but less than $50 
billion. A $50 billion covered bank is a state nonmember bank or 
state savings association with average total consolidated assets 
that are not less than $50 billion.
    \3\ On an annual basis, prior to the start of the stress testing 
period and no later than November 15, the FDIC provides to covered 
banks a minimum of three economic scenarios (baseline, adverse, and 
severely adverse) and additional scenarios as the FDIC determines 
appropriate for the covered banks to use in performing their stress 
tests.
    \4\ 12 CFR 325.203; in addition, certain covered banks with 
significant amounts of trading activities (as determined by the 
FDIC) may be required to include trading and counterparty components 
in their adverse and severely adverse scenarios. For these covered 
banks, the FDIC selects an as-of date between October 1 and December 
1 of that calendar year for the data used in this component. This 
date is communicated to the covered banks no later than
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    Part 325 Subpart C also provides several timeframes for the 
testing, reporting, and publication of the bank-run stress tests, which 
vary depending on the category into which the covered bank falls. Under 
the current rule, the stress test cycle begins October 1 of a calendar 
year and ends on September 30 of the following calendar year. Covered 
banks use financial data as of September 30 (the ``as of date'') of the 
preceding calendar year to make projections that estimate their 
financial position under the different stress scenarios and to report 
and publish the results of their annual stress test in the following 
calendar year. Covered banks with $10 billion to $50 billion in total 
assets must report the results of their stress tests by March 31 and 
publish a summary of their results between June 15 and June 30.\5\ Over 
$50 billion covered banks are required to report the results of their 
annual stress test by January 5 of each calendar year and publish a 
summary of their results between March 15 and March 31.\6\ These 
testing, reporting, and publication milestones are consistent across 
the Federal banking agencies' annual stress testing rules.
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    \5\ 12 CFR 325.204(a); 12 CFR 325.206(a).
    \6\ 12 CFR 325.204(a); 12 CFR 325.206(a).
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    A covered bank that is a consolidated subsidiary of a bank holding 
company or savings and loan holding company is generally permitted to 
publish abbreviated disclosures of its annual stress test results with 
the parent holding company's summary and on the same timeline as the 
parent holding company.\7\ The FDIC requires that specific information 
be included in the disclosure to reflect the changes in the covered 
bank's capital ratios and the reasons for those changes.
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    \7\ 12 CFR 325.207(b).
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B. Overview of Proposed Rule

    The FDIC is aware that the current testing and reporting dates for 
$10 billion to $50 billion and $50 billion covered banks occur at the 
beginning and end of the calendar year when there are competing 
regulatory and reporting deadlines that must be met. The FDIC is also 
aware that the testing reporting and publication cycles occur when 
covered banks are typically most resource-constrained. Furthermore, 
conducting stress testing during the first quarter of a calendar year 
may also make it difficult for covered banks to make timely 
modifications to strategic and operational plans for the following year 
that address any issues identified in the bank-run stress test results.
    For these reasons, the FDIC is proposing to modify the dates of the 
stress test cycle and the corresponding reporting and publication 
deadlines as of January 1, 2016. The stress testing cycle that, under 
the current rule, begins on October 1, 2015, would instead begin on 
January 1, 2016. Under the proposed rule, covered banks would conduct 
bank-run stress tests using financial data as of December 31 of the 
preceding calendar year, which represents a 90-day shift from September 
30 in the current rule. The FDIC would provide the economic scenarios 
to be used by covered banks in their bank-run stress tests no later 
than February 15 rather than November 15, as is provided under the 
existing rule. For those certain covered banks with significant amounts 
of trading activities that are required to include trading and 
counterparty components in their adverse and severely adverse 
scenarios, the FDIC will select an as-of date between January 1 and 
March 1 of that calendar year for the data used in this component. The 
FDIC will communicate this date to the covered banks no later than 
March 1.
    Under the proposed rule all $10 billion to $50 billion covered 
banks would be required to conduct and submit the results of their 
bank-run stress tests to the FDIC by July 31 and publish those results 
during a period beginning on October 15 and ending October 31. Over $50 
billion covered banks would be required to conduct and submit the 
results of their bank-run stress tests to the FDIC by April 7 and 
publish those results during a period beginning on June 15 and ending 
on July 15.
    Furthermore, a covered bank that is a consolidated subsidiary of a 
bank holding company or savings and loan holding company that is 
required to conduct an annual company-run stress test under applicable 
regulations of the Board may continue to elect to conduct its stress 
test and report to the FDIC on the same timeline as its parent bank 
holding company or savings and loan

[[Page 37237]]

holding company as it had under the existing rule. Under the proposed 
rule, however, an over $50 billion covered bank that is a consolidated 
subsidiary of a banking holding company or savings and loan holding 
company that is subject to supervisory stress tests conducted by the 
Board under 12 CFR part 252 (i.e., the Comprehensive Capital Analysis 
and Review or ``CCAR'') may publish the required summary of its bank-
run stress test no earlier than the date that the Board publishes the 
supervisory stress test results for the parent holding company, but no 
later than July 15. In addition, if the Board publishes the supervisory 
stress test results of the covered bank's parent holding company prior 
to June 15, then the covered bank may satisfy its publication 
requirement either through actual publication by the covered bank or 
through publication by the parent holding company under Sec.  325.207.
    The proposed rule would also amend the applicability provisions in 
Sec.  325.203 of the Annual Stress Test rule to reflect the changed 
timeline. Currently, a state nonmember bank or state savings 
association that becomes a covered bank must conduct its first annual 
stress test beginning in the next calendar year after the date the 
state nonmember bank or state savings association becomes a covered 
bank. Under the new stress testing timeline, if this applicability 
provision were left unchanged, if a state nonmember bank or state 
savings association became a covered bank as of September 30 of a given 
year, the institution would be required to conduct its first stress 
test in the stress testing cycle beginning the following January 1, 
three months after becoming a covered bank. The current rule provides a 
minimum of nine months between the date on which a state nonmember bank 
or state savings association becomes a covered bank and the start date 
of the stress testing cycle in which the covered bank must conduct it 
first stress test. To preserve the nine-month minimum the proposed rule 
would establish a March 31 cutoff date. A state nonmember bank or state 
savings association that becomes a covered bank on or before March 31 
of a given year would be required to conduct its first stress test in 
the next calendar year. For example, a state nonmember bank or state 
savings association that becomes a covered bank on March 31, 2015 would 
be required to conduct its first stress test in the stress testing 
cycle beginning January 1, 2016. A state nonmember bank or state 
savings association that becomes a covered bank after March 31 of a 
given year would be required to conduct its first stress test in the 
second calendar year after the date the state nonmember bank or state 
savings association becomes a covered bank. For example, a state 
nonmember bank or state savings association that becomes a covered bank 
on June 30, 2015 would be required to conduct its first stress test in 
the stress testing cycle beginning January 1, 2017.

    Table 1--Modified Annual Stress Test Timeline for $10 Billion-$50
                          Billion Covered Banks
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       Action required            Current rule          Proposed rule
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``As of Date'' for Financial  September 30........  December 31.
 Data.
Distribution of Scenarios     By November 15......  By February 15.
 for Annual Stress Tests by
 FDIC.
Reporting of Annual Stress    By March 31.........  By July 31.
 Test Results.
Public Disclosure of Annual   Between June 15 and   Between October 15
 Stress Test Results.          June 30.              and October 31.
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   Table 2--Modified Annual Stress Test Timeline for Over $50 Billion
                              Covered Banks
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       Action required            Current rule          Proposed rule
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``As of Date'' for Financial  September 30........  December 31.
 Data.
Distribution of Scenarios     By November 15......  By February 15.
 for Annual Stress Tests by
 FDIC.
Reporting of Annual Stress    By January 5........  By April 7.
 Test Results.
Public Disclosure of Annual   Between March 15 and  Between June 15 and
 Stress Test Results.          March 30.             July 15, except no
                                                     earlier than Board
                                                     publication of the
                                                     supervisory stress
                                                     test results of the
                                                     covered bank's
                                                     holding company.
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II. Request for Comments

    The Corporation requests comments on all aspects of the proposed 
rule to revise Part 325 Subpart C, in particular:
     What, if any, specific challenges exist with respect to 
the proposed steps and time frames?
     Please comment on the use of the proposed: ``as of date'' 
of December 31, the April 7 and July 31 reporting dates, and the June 
15 to July 15 and October 15 to October 31 publication dates for over 
$50 billion covered banks and $10 billion to $50 billion covered banks, 
respectively.
     Should the FDIC also modify the timing of when state 
nonmember banks and state savings associations become covered banks 
under the annual stress test rule? In particular, should the FDIC adopt 
transition provisions with fixed cutoff dates for state nonmember banks 
or state savings associations that become covered under Part 325 
Subpart C, where such provisions provide specific date requirements 
indicating when covered banks would be subject to the next applicable 
stress test? If so, what should the cutoff dates be?

III. Administrative Law Matters

A. Paperwork Reduction Act Analysis

    In accordance with the requirements of the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501-3521) (``PRA''), the Corporation may not 
conduct or sponsor, and the respondent is not required to respond to, 
an information collection unless it displays a currently valid Office 
of Management and Budget (``OMB'') control number. The information 
collections affected by this NPR are the FDIC's Annual Stress Test 
Final Rule and Reporting Templates, [ ] and [ ].\8\
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    \8\ Insert Dates of when it was proposed/renewed.
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    The Corporation proposes to revise 12 CFR 325.202, 325.203, 
325.204, 325.206, and 325.207 by modifying timelines for the testing, 
reporting, and disclosure of the annual stress tests for covered banks. 
The revisions would shift by 90 days the as-of date of the financial 
data

[[Page 37238]]

used to conduct bank run-stress tests for covered banks from September 
30 to December 31. The proposed rule would also shift the reporting and 
disclosure deadlines for both $10 billion to $50 billion covered banks 
and over $50 billion covered banks and provide for a new transition 
period for those covered banks that become covered under the rule. 
Additionally, under the proposed rule an over $50 billion covered bank 
that is a consolidated subsidiary of a bank holding company or savings 
and loan holding company subject to supervisory stress tests conducted 
by the Board of Governors of the Federal Reserve System may publish the 
required summary of its annual stress no earlier than the date that the 
Board publishes the supervisory stress test results of the covered 
bank's parent holding company but no later than July 15. The revision 
of timelines in Part 325 subpart C will not involve any new collections 
of information pursuant to the PRA.

B. Regulatory Flexibility Act Analysis

    The Regulatory Flexibility Act, 5 U.S.C. 601, et seq. (``RFA''), 
requires that each federal agency either certify that a proposed rule 
would not, if adopted in final form, have a significant economic impact 
on a substantial number of small entities or prepare an initial 
regulatory flexibility analysis of the rule and publish the analysis 
for comment.\9\ The proposed rule would apply only to state nonmember 
banks and state savings associations with more than $10 billion in 
total consolidated assets. Under regulations issued by the Small 
Business Administration (``SBA''), a bank or other depository 
institution is considered ``small'' if it has $175 million or less in 
assets.\10\ As of December 31, 2013, there are approximately 2,363 
small state nonmember banks and state savings associations. Since the 
proposed rule would apply only to state nonmember banks and state 
savings associations with more than $10 billion in total consolidated 
assets, the Corporation does not expect that the proposed rule will 
directly affect a substantial number of small entities. It is hereby 
certified that this rule will not have a significant economic impact on 
a substantial number of small entities and therefore, a regulatory 
flexibility analysis under the RFA is not required.
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    \9\ See 5 U.S.C. 603, 604, and 605.
    \10\ 13 CFR 121.201.
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C. Plain Language

    Section 722 of the Gramm-Leach-Bliley Act (Pub. L. 106-102, 113 
Stat. 1338, 1471, 12 U.S.C. 4809) requires Federal banking agencies to 
use plain language in all proposed and final rules published after 
January 1, 2000. The Corporation has sought to present the proposed 
rule in a simple and straightforward manner and invites comment on how 
to make the proposed rule easier to understand. For example:
     Is the material organized to suit your needs? If not, how 
could the rule be more clearly presented?
     Are the requirements in the rule clearly stated? If not, 
how could the rule be more clearly stated?
     Do the regulations contain technical language or jargon 
that is not clear? If so, which language requires clarification?
     Would a different format (grouping and order of sections, 
use of headings, paragraphing) make the regulation easier to 
understand? If so, what changes would achieve that?
     Is this section format adequate? If not, which of the 
sections should be changed and how?
     What other changes can the Corporation incorporate to make 
the regulation easier to understand?

List of Subjects in 12 CFR Part 325, Subpart C

12 CFR Chapter III

    Administrative practice and procedure, Banking, Disclosures, 
Federal Deposit Insurance Corporation, Reporting and recordkeeping 
requirements, State nonmember banks, State savings associations, Stress 
tests.

Federal Deposit Insurance Corporation

12 CFR Chapter III

Authority and Issuance

    For reasons stated in the preamble, the Board of Directors of the 
Federal Deposit Insurance Corporation proposes to amend subpart C to 
part 325 of title 12 of the Code of Federal Regulations as follows:

Part 325--CAPITAL MAINTENANCE

0
1. The authority citation for part 325 continues to read as follows:

    Authority:  12 U.S.C. 1815(a), 1815(b), 1816, 1818(a), 1818(b), 
1818(c), 1818(t), 1819(Tenth), 1828(c), 1828(d), 1828(i), 1828(n), 
1828(o), 1831o, 1831p-1, 1835, 3907, 3909, 4808; Pub. L. 102-233; 
105 Stat. 1761, 1789, 1790 (12 U.S.C. 1831n note); Pub. L. 102-242, 
105 Stat. 2236, as amended by Pub. L. 103-325, 108 Stat. 2160, 2233 
(12 U.S.C. 1828 note); Pub. L. 102-242, 105 Stat. 2236, 2386, as 
amended by Pub. L. 102-550, 106 Stat. 3672, 4089 (12 U.S.C. 1828 
note); 12 U.S.C. 5365(i); 12 U.S.C. 5412(b)(2)(B).

0
2. In Sec.  325.202 add paragraph (m) to read as follows:


Sec.  325.202  Definitions.

* * * * *
    (m) Stress test cycle means:
    (i) Until October 1, 2015, the period beginning October 1 of a 
calendar year and ending on September 30 of the following calendar 
year, and
    (ii) Beginning October 1, 2015, the period beginning January 1 of a 
calendar year and ending on December 31 of that year.
0
3. In Sec.  325.203 revise intro text paragraph (c) to read as follows:


Sec.  325.203  Applicability.

* * * * *
    (c) Covered banks that become subject to stress testing 
requirements after October 9, 2012. A state nonmember bank or state 
savings association that becomes a covered bank, as defined in Sec.  
325.202 of this part, after March 31, 2014 and on or before March 31, 
2015, shall conduct it first annual stress test in the stress test 
cycle beginning January 1, 2016. A state nonmember bank or state 
savings association that becomes a covered bank on or before March 31 
of a given year (after 2014) shall conduct its first annual stress test 
under this part in the next calendar year after the date the state 
nonmember bank or state savings association becomes a covered bank. A 
state nonmember bank or state savings association that becomes a 
covered bank after March 31 of a given year (after 2014) shall conduct 
its first annual stress test under this part in the second calendar 
year after the date the state nonmember bank or state savings 
association becomes a covered bank.
* * * * *
0
4. Revise Sec.  325.204 to read as follows:


Sec.  325.204  Annual stress tests required.

    (a) General requirements.
    (1) $10 billion to $50 billion covered bank. Prior to January 1, 
2016, a $10 billion to $50 billion covered bank must conduct a stress 
test on or before March 31 of each calendar year based on financial 
data as of September 30 of the preceding calendar year. Effective 
January 1, 2016, a $10 billion to $50 billion covered bank must conduct 
a stress test on or before July 31 of each calendar year based on 
financial data as of December 31 of the preceding calendar year.
    (2) Over $50 billion covered bank. Prior to January 1, 2016, an 
over $50 billion covered bank must conduct a stress test on or before 
January 5 of each calendar year based on financial data as of September 
30 of the preceding calendar year. Effective January 1, 2016, an over 
$50 billion covered bank must conduct a stress test on or before April 
7 of each calendar year based on

[[Page 37239]]

financial data as of December 31 of the preceding calendar year.
    (b) Scenarios provided by the Corporation.
    In conducting the stress test under this subpart, each covered bank 
must use the scenarios provided the Corporation. The scenarios provided 
by the Corporation will reflect a minimum of three sets of economic and 
financial conditions, including: Baseline, adverse, and severely 
adverse scenarios. The Corporation will provide a description of the 
scenarios required under this section to each covered bank no later 
than November 15 (for the stress tests beginning October 1, 2014) or 
February 15 (for the stress test beginning January 1, 2016, and all 
stress tests thereafter) of that calendar year.
    (c) Significant trading activities. The Corporation may require a 
covered bank with significant trading activities, as determined by the 
Corporation, to include trading and counterparty components in its 
adverse and severely adverse scenarios. The trading and counterparty 
position data used in these components will be as of a date between 
October 1 and December 1 (for the stress test beginning October 1, 
2014) or between January 1 and March 1 (for the stress test beginning 
January 1, 2016, and all stress tests thereafter) of that calendar year 
selected by the Corporation and communicated to the covered bank no 
later than December 1 (for the stress test beginning October 1, 2014) 
or March 1 (for the stress test beginning January 1, 2016, and all 
stress tests thereafter) of the calendar year.
0
5. Revise Sec.  325.206 paragraph (a) to read as follows:


Sec.  325.206  Required reports of stress test results to the FDIC and 
the Board of Governors of the Federal Reserve System

    (a) Report required for annual stress test results.
    (1) $10 billion to $50 billion covered bank. Prior to January 1, 
2016, a $10 billion to $50 billion covered bank must report to the FDIC 
and to the Board on or before March 31 the results of the stress test 
in the manner and form specified by the FDIC. Effective January 1, 
2016, a $10 billion to $50 billion covered bank must report to the FDIC 
and to the Board on or before July 31 the results of the stress test in 
the manner and form specified by the FDIC.
    (2) Over $50 billion covered bank. Prior to January 1, 2016, an 
over $50 billion covered bank must report to the FDIC and to the Board, 
on or before January 5, the results of the stress test in the manner 
and form specified by the FDIC. Effective January 1, 2016, an over $50 
billion covered bank must report to the FDIC and to the Board, on or 
before April 7, the results of the stress test in the manner and form 
specified by the FDIC.
* * * * *
0
6. Revise Sec.  325.207 paragraph (a) to read as follows:


Sec.  325.207   Publication of stress test results.

    (a) Publication date.
    (1) $10 billion to $50 billion covered bank. (i) Prior to January 
1, 2016, a $10 billion to $50 billion covered bank must publish a 
summary of the results of its annual stress test in the period starting 
June 15 and ending June 30 (for the stress test cycle beginning October 
1, 2014).
    (ii) Effective January 1, 2016, a $10 billion to $50 billion 
covered bank must publish a summary of the results of its annual stress 
test in the period starting October 15 and ending October 31 (for the 
stress test cycle beginning January 1, 2016 and for all annual stress 
tests thereafter).
    (2) Over $50 billion covered bank. (i) Prior to January 1, 2016, an 
over $50 billion covered bank must publish a summary of the results of 
its annual stress tests in the period starting March 15 and ending 
March 31 (for the stress test cycle beginning October 1, 2014).
    (ii) Effective January 1, 2016, an over $50 billion covered bank 
must publish a summary of the results of its annual stress tests in the 
period starting June 15 and ending July 15 (for the stress test cycle 
beginning January 1, 2016, and for all annual stress tests thereafter) 
provided:
    (A) Unless the FDIC determines otherwise, if the over $50 billion 
covered bank is a consolidated subsidiary of a bank holding company or 
savings and loan holding company subject to supervisory stress tests 
conducted by the Board of Governors of the Federal Reserve System under 
12 CFR part 252, then, within the June 15 to July 15 period, such 
covered bank may not publish the required summary of its annual stress 
test earlier than the date that the Board of Governors of the Federal 
Reserve System publishes the supervisory stress test results of the 
covered bank's parent holding company. (B) If the Board of Governors of 
the Federal Reserve System publishes the supervisory stress test 
results of the covered bank's parent holding company prior to June 15, 
then such covered bank may publish its stress test results prior to 
June 15, but no later than July 15, through actual publication by the 
covered bank or through publication by the parent holding company under 
paragraph (b) of this section.

    By order of the Board of Directors.

    Dated at Washington, DC, this 13th day of June 2014.

Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2014-14389 Filed 6-30-14; 8:45 am]
BILLING CODE 6714-01-P