Office of the Comptroller of the Currency Comptroller Jonathan V. Gould issued a statement explaining his vote against a joint Federal Deposit Insurance Corporation and Federal Reserve Board resolution plan letter to American Express. He argued that the letter illustrates continued opacity and unfairness in the Dodd-Frank Act Section 165(d) process because it identifies significant concerns with the company’s resolution strategy without detailing them or explaining the potential consequences if they remain unresolved. Gould said the agencies would retain discretion to take more severe action after the next plan, while the options most likely to protect the company from those consequences would be costly and inappropriate for a non-systemically important bank. He objected to the possibility that feedback not classified as a shortcoming or deficiency could lead to large-scale restructuring. Renewing concerns he raised earlier in 2026, Gould called for the agencies, at a minimum, to revise their joint rule so resolution planning does not apply to companies below the current statutory threshold of USD 250 billion in total consolidated assets. He also argued that although the agencies must collect and review American Express’ plan because of its asset size, they are not required to provide feedback unrelated to financial stability concerns.
US Office of the Comptroller of the Currency's Jonathan Gould votes against American Express resolution plan letter and calls for Section 165(d) reform
Office of the Comptroller of the Currency Comptroller Jonathan V. Gould voted against a joint agency resolution plan letter to American Express, arguing that its unspecified concerns and uncertain consequences reflect persistent flaws in the Section 165(d) process. He called for the joint rule to exclude companies below USD 250 billion in total consolidated assets from resolution planning requirements.