The bank's regulator must report to Congress at 90 days and again at 210
What the document says“The appropriate Federal banking agency of an insured depository institution about which a determination is made under paragraph (4)(G)(i) shall, not later than 90 days after the date of such determination, and again 210 days thereafter, submit a report to the Congress that discloses the following:”
The section adds a new paragraph (12) to section 13(c) of the Federal Deposit Insurance Act requiring the failed bank's federal banking agency to report to Congress within 90 days of a systemic risk determination and again 210 days later. The report must disclose, subject to redactions protecting personal information about customers and other institutions, all examination and inspection reports on the bank from the previous three years, all formal communications of a material supervisory determination in that period, and any other exam reports or correspondence the agency finds relevant, together with an examination of mismanagement by the bank's executives and board, any supervisory or regulatory shortcomings of the agency itself, any dynamics that may have contributed to the failure, and any recommendations to improve safety and soundness.
What the document actually says“The appropriate Federal banking agency of an insured depository institution about which a determination is made under paragraph (4)(G)(i) shall, not later than 90 days after the date of such determination, and again 210 days thereafter, submit a report to the Congress that discloses the following:”
The bank's own regulator must report to Congress. The first report is due within 90 days. A second follows 210 days later.
The report must hand over exam papers from the last three years. It must also cover what the bank's leaders did wrong. It must cover what the regulator itself missed.
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