{
  "title": "United States: Financial Sector Assessment Program-Technical Note-Financial Crisis Preparedness and Deposit Insurance",
  "publication": "IMF Staff Country Reports, August 10, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/08/07/united-states-financial-sector-assessment-program-technical-note-financial-crisis-49654",
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  "summary": "The U.S. authorities should preserve the considerable progress in the resiliency, recoverability, and resolvability of financial companies and insured depository institutions (IDIs), and intensify financial crisis preparedness efforts. After a decade of resolution planning, the development of the U.",
  "sections": [
    {
      "heading": "Key findings and assessment",
      "content": "- The U.S. authorities should preserve the considerable progress in the resiliency, recoverability, and resolvability of financial companies and insured depository institutions (IDIs), and intensify financial crisis preparedness efforts.\n- After a decade of resolution planning, the development of the U.S. resolution regime is more advanced than in other major economies.\n- The resolution regime, together with the strong track record of the deposit insurance system (DIS) for banks and the federal banking agencies’ (FBAs) preparation for resolution, provide a strong foundation for crisis preparedness.\n- Bank holding companies (BHCs) have integrated recovery and resolution planning (RRP) into business-as-usual (BAU) activities, increasing their resiliency; this process has deepened the FBAs’ understanding of the BHCs’ business models and RRP capabilities.\n- Recent changes reduced the BHCs’ RRP; the FBAs should mitigate those changes and continue their own annual resolution planning."
    },
    {
      "heading": "Policy recommendations and actions",
      "content": "- Preserve the progress made on resiliency, recoverability, and resolvability of financial companies and IDIs.\n- Intensify financial crisis preparedness efforts across agencies.\n- FBAs should:\n  - Continue annual resolution planning.\n  - Mitigate recent changes that reduced BHCs’ RRP.\n- Strengthen interagency crisis preparedness, particularly collaboration with the U.S. Department of the Treasury (UST), given the UST’s essential role in critical aspects of crisis responses.\n- Further refinements relating to cross-border resolution should be pursued."
    },
    {
      "heading": "Institutional strengths and operational notes",
      "content": "- The U.S. resolution regime is more advanced than in other major economies after a decade of resolution planning.\n- The DIS for banks has a strong track record.\n- FBAs’ preparation for resolution complements the DIS and strengthens overall crisis readiness.\n- Integration of RRP into BAU at BHCs has increased resiliency and improved FBAs’ understanding of business models and RRP capabilities."
    },
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      "heading": "Cross-border resolution",
      "content": "- Further refinements relating to cross-border resolution deserve attention (no additional specifics provided in the source content).\n\n---\n\n Content in this bundle\n\n- UNITED STATES: Financial Crisis Preparedness and Deposit Insurance\n  - UNITED STATES: Financial Crisis Preparedness and Deposit Insurance (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - UNITED STATES: Financial Crisis Preparedness and Deposit Insurance (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 10, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513552903.002",
    "The U.S. authorities should preserve the considerable progress in the resiliency, recoverability, and resolvability of financial companies and insured depository institutions (IDIs), and intensify financial crisis preparedness efforts.",
    "After a decade of resolution planning, the development of the U.S. resolution regime is more advanced than in other major economies.",
    "The resolution regime, together with the strong track record of the deposit insurance system (DIS) for banks and the federal banking agencies’ (FBAs) preparation for resolution, provide a strong foundation for crisis preparedness.",
    "Bank holding companies (BHCs) have integrated recovery and resolution planning (RRP) into business-as-usual (BAU) activities, increasing their resiliency; this process has deepened the FBAs’ understanding of the BHCs’ business models and RRP capabilities.",
    "Recent changes reduced the BHCs’ RRP; the FBAs should mitigate those changes and continue their own annual resolution planning.",
    "Preserve the progress made on resiliency, recoverability, and resolvability of financial companies and IDIs.",
    "Intensify financial crisis preparedness efforts across agencies.",
    "FBAs should:",
    "Strengthen interagency crisis preparedness, particularly collaboration with the U.S. Department of the Treasury (UST), given the UST’s essential role in critical aspects of crisis responses.",
    "Further refinements relating to cross-border resolution should be pursued.",
    "The U.S. resolution regime is more advanced than in other major economies after a decade of resolution planning.",
    "The DIS for banks has a strong track record.",
    "FBAs’ preparation for resolution complements the DIS and strengthens overall crisis readiness.",
    "Integration of RRP into BAU at BHCs has increased resiliency and improved FBAs’ understanding of business models and RRP capabilities.",
    "Further refinements relating to cross-border resolution deserve attention (no additional specifics provided in the source content).",
    "**UNITED STATES: Financial Crisis Preparedness and Deposit Insurance**"
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