021-20 Wyo. Code R. §§ 20-4 - Recovery/Resolution Planning

(a) Not later than six (6) months after a special purpose depository institution commences operations, a draft recovery and resolution plan shall be submitted to the Commissioner for review.

(b) A draft recovery and resolution plan shall generally encompass the requirements of a national bank recovery plan and the "targeted resolution plan" specified by 12 C.F.R. § 243.6, as of June 1, 2020. The plan shall outline potential recovery actions to address significant financial or operational stress that could threaten the safe and sound operation of the institution, as well as and strategies for orderly disposition of the institution without the need for the appointment of a receiver, including actions under § 5 of this Chapter. A plan shall also identify at least two (2) business entities that could potentially acquire the special purpose depository institution, or any component of the institution, in the event of financial distress, receivership or another contingency warranting use of the plan. The plan shall include a procedure for quickly and safely transferring all assets of the institution to another entity and a procedure for liquidating the assets of the institution.

(c) The Commissioner, in consultation with the officers of the special purpose depository institution, shall review the draft recovery and resolution plan and determine whether it appropriately addresses the risks inherent in a potential recovery or resolution scenario. 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 financial system from material risks. The board of directors of the institution shall review the draft plan and approve a final plan within sixty (60) days of submission of a plan by the officers. After approval, the chief executive officer of the special purpose depository institution shall file the plan with the Commissioner.

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

(i) Critical operations or core business lines, including information technology;

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

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

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

(v) Changes in law or regulation; and

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

(e) A plan amended under subsection (d) of this section shall be filed with the Commissioner within thirty (30) days of approval by the board of directors. 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 recovery and resolution plan.

(f) A recovery and resolution plan, or draft plan, filed with the Commissioner shall be confidential. A recovery and resolution plan may be disclosed in a confidential format to other governmental agencies, self-regulatory organizations or persons assisting with the recovery or resolution of an institution, as deemed appropriate by the Commissioner.

Notes

021-20 Wyo. Code R. §§ 20-4

Adopted, Eff. 8/7/2020. Amended, Eff. 5/13/2021.