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The European Banking Authority (EBA) has signed a Framework Cooperation Arrangement with several US financial regulatory Agencies. The Framework Cooperation Arrangement lays out the basis for subsequent cooperation arrangements on bank crisis management and resolution between any of the EU Supervisory or Resolution Authorities and any of the participating US Agencies. This Framework Cooperation Arrangement has the objective to promote resolution planning and cooperation for cross-border institutions.
The participating US Agencies are the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Securities and Exchange Commission (SEC), and the New York State Department of Financial Services.
In the EU, the Bank Recovery and Resolution Directive (BRRD) gives the EBA the power to conclude such framework cooperation arrangements with non-EU authorities on resolution-related topics. The Framework Cooperation Arrangement covers crisis management related topics, to include early intervention, resolution planning, resolvability assessment, and resolution.
The signed Framework Cooperation Arrangement is available here.
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