#aai? ,,congress #b;d ,session ,h4 ,r4 #ccij ,,an ,,act ,to am5d ! ,f$]al ,res]ve ,act to require ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em to c>ry out a review ( disc\nt w9d[ op]ations & to implem5t improvem5ts to su* op]ations1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,br++ ! ,disc\nt ,w9d[ into ! #ba/ ,c5tury ,act4 #b4 ,review ( disc\nt w9d[ op]ations ,section #aj ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bda et seq47 is am5d$-- 7#a7 by r$esignat+ p>agraph 7#ab7 z p>agraph 7#aa72 & 7#b7 by add+ at ! end ! foll[+3 7#ab7 ,review ( disc\nt w9d[ op]ations 7,a7 ,9 g5]al ,n lat] ?an #fj days aft] ! date ( enactm5t ( ?is p>agraph1 ! ,bo>d ( ,gov]nors %all comm5ce a review ( ! disc\nt w9d[ l5d+ programs ( ! ,f$]al res]ve banks 7! disc\nt w9d[71 & %all complete su* review n lat] ?an #bdj days aft] ! date ( enactm5t ( ?is p>agraph4 7,b7 ,cont5ts ,! review requir$ by subp>agraph 7,a7 %all include a consid]ation (-- 7i7 ! effectiv5ess ( ! disc\nt w9d[ 9 provid+ liquidity to f9ancial in/itutions1 includ+ 9 times ( f9ancial /ress2 7ii7 :e!r ! te*nology infra/ructure1 includ+ means ( communications1 are suffici5t to support ! timely provision ( liquidity1 includ+ 9 times ( f9ancial /ress2 7iii7 ! effectiv5ess ( cyb]security measures implem5t$ ) respect to disc\nt w9d[ op]ations2 7iv7 ! effectiv5ess ( communications betwe5 ,f$]al res]ve banks1 f9ancial in/itutions1 ! ,bo>d ( ,gov]nors1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,comptroll] ( ! ,curr5cy1 & ! ,secret>y ( ! ,treasury reg>d+ disc\nt w9d[ op]ations2 7v7 ! effectiv5ess ( ! ,bo>d ( ,gov]nors 9 provid+ ov]sight ( ! disc\nt w9d[ & 9 ensur+ consi/5t access to ! disc\nt w9d[ across ! ,f$]al ,res]ve ,sy/em2 7vi7 h[ ! disc\nt w9d[ int]acts ) o!r provid]s ( liquidity1 includ+ ! ,f$]al ,home ,loan ,banks1 dur+ bo? normal op]ations & times ( f9ancial di/ress2 7vii7 ! effectiv5ess ( exi/+ disc\nt w9d[ op]at+ h\rs & :e!r su* h\rs %\ld be exp&$1 tak+ into acc\nt ! int]action betwe5 disc\nt w9d[ op]at+ h\rs & ! op]at+ h\rs ( paym5t sy/ems ( ! ,f$]al res]ve banks1 su* z ! ,f$wire ,funds ,s]vice & ,fed,now ,s]vice2 7viii7 ! impact ( mobile bank+ & in/ant communications te*nology on depositor behavior & liquidity risk pos$ to f9ancial in/itutions1 includ+ h[ ! disc\nt w9d[ c-- 7,i7 help f9ancial in/itutions bett] respond to rapid liquidity %ortfalls2 & 7,,ii7 prev5t broad] f9ancial in/ability2 & 7ix7 ! effectiv5ess ( ! disc\nt w9d[ 9 light ( ! /igma associat$ ) its usage1 ways to r$uce su* /igma1 & ways to improve access1 op]ational effici5cy1 transp>5cy1 & timel9ess ( ! process = f9ancial in/itutions seek+ advances1 includ+ on ! pric+ & o!r t]ms ( su* advances4 7,c7 ,rem$iation plan ,aft] ! ,bo>d ( ,gov]nors completes ! review requir$ by subp>agraph 7,a71 ! ,bo>d ( ,gov]nors1 9 consultation ) ! ,f$]al res]ve banks1 %all-- 7i7 id5tify defici5cies ) ! disc\nt w9d[ & areas = enhanc+ disc\nt w9d[ effectiv5ess2 & 7ii7 develop a writt5 plan to rem$iate ! id5tifi$ defici5cies & implem5t ! id5tifi$ enhancem5ts1 :i* %all include-- 7,i7 an id5tification ( actions t w be tak5 to enhance disc\nt w9d[ effectiv5ess & rem$iate id5tifi$ defici5cies2 7,,ii7 timel9es & mile/ones = implem5t+ ! plan & measures to demon/rate h[ ! implem5t$ improvem5ts w be ma9ta9$ on an ongo+ basis2 & 7,,iii7 measures ( manag+ & controll+ any defici5cies & curr5t op]ations until ! plan is implem5t$ 9 full4 7,d7 ,report to ,congress on review & plan 7i7 ,9 g5]al ,n lat] ?an #cfe days aft] ! date ( enactm5t ( ?is p>agraph1 ! ,bo>d ( ,gov]nors %all submit a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+-- 7,i7 ! f9d+s ( ! review requir$ by subp>agraph 7,a72 & 7,,ii7 ! rem$iation plan requir$ by subp>agraph 7,c74 7ii7 ,consultation ,be=e submitt+ ! report requir$ by clause 7i71 ! ,bo>d ( ,gov]nors %all-- 7,i7 provide a copy ( ! propos$ report to ! ,comptroll] ( ! ,curr5cy1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,secret>y ( ! ,treasury2 & 7,,ii7 provide ! ,comptroll] ( ! ,curr5cy1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,secret>y ( ! ,treasury ) an opportunity to provide fe$back on ! report4 7iii7 ,te/imony ,! ,*airman ( ! ,bo>d ( ,gov]nors %all1 at ! semi-annual he>+ requir$ "u section #b;,b1 te/ify ) respect to ! cont5ts ( ! report requir$ "u ?is subp>agraph4 7,e7 ,annual reports to ,congress 7i7 ,reports by ! ,bo>d ,! ,bo>d ( ,gov]nors %all submit an annual report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ a review ( ! effectiv5ess ( disc\nt w9d[ op]ations & a progress report on ! actions tak5 to implem5t ! id5tifi$ enhancem5ts describ$ 9 subp>agraph 7,c74 7ii7 ,reports by ! ,inspector ,g5]al ,! ,inspector ,g5]al ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,bureau ( ,consum] ,f9ancial ,protection %all submit an annual report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ a report on ! progress ( ! ,bo>d ( ,gov]nors 9 implem5t+ ! rem$iation plan requir$ by subp>agraph 7,c74 7,f7 ,confid5tial report in=mation ,any report requir$ "u ?is p>agraph may conta9 a confid5tial annex conta9+ in=mation t1 if made public1 c\ld-- 7i7 impact monet>y policy1 f9ancial /ability1 or cyb]security2 or 7ii7 significantly endang] ! f9ancial /ability ( any f9ancial in/itution4 7,g7 ,repeal ,?is p>agraph %all be repeal$ on ! date on :i* ! ,bo>d ( ,gov]nors notifies ! ,congress & publi%es on a public website ( ! ,bo>d ( ,gov]nors t ! rem$iation plan requir$ "u subp>agraph 7,c7 has be5 fully implem5t$4 4 ,pass$ ! ,h\se ( ,repres5tatives ,febru>y #i1 #bjbf4;,cl]k4