WASHINGTON—The Office of the Comptroller of the Currency (OCC) today finalized revisions to its recovery planning guidelines for certain large insured national banks, federal savings associations, and federal branches (banks).
The revisions to the recovery planning guidelines are part of the OCC’s effort to ensure that large banks are adequately prepared for and have developed plans to respond to the financial effects of severe stress, particularly in light of the contagion effects and systemic risks they may pose.
The revisions:
- expand the recovery planning guidelines to apply to banks with at least $100 billion in assets;
- incorporate a testing standard for recovery plans;
- clarify the role of non-financial risk (including operational and strategic risk) in recovery planning; and
- in response to comments, provide covered banks with timeframes in which to comply with the recovery planning guidelines, including development of a testing framework and conducting testing.
The revisions are effective on January 1, 2025, with staggered compliance dates.