FDIC and FRB Release Public Sections of Resolution Plans for Banks with Less than $100 Billion in Qualifying Non-Bank Assets

The Federal Deposit Insurance Corporation ("FDIC") and the Board of Governors of the Federal Reserve System made available public portions of resolution plans for certain financial institutions. The companies that were required to submit initial plans by December 31, 2014 were those that individually had less than $100 billion in qualifying non-bank assets.

Each plan, commonly known as a "living will," must describe the company's strategy for rapid and orderly resolution under the U.S. Bankruptcy Code in the event of material financial distress or failure of the company. These plans must include both public and confidential sections.

Additionally, the FDIC released the public sections of the recently filed resolution plans of 22 insured depository institutions. The majority of these insured depository institutions are subsidiaries of bank holding companies that concurrently submitted resolution plans.

See: FDIC Resolution Plans; FRB Resolution Plans; Press Release.Related news: FDIC Issues Guidance for Large Bank Resolution Plan Submissions (December 18, 2014); Banking Agencies Release Public Sections of Resolution Plans for Banks with Less than $100 Billion in Qualifying Nonbank Assets (January 10, 2014).