FDIC and Federal Reserve Board Extend Comment Period on Foreign Bank Resolutions
The FDIC and the Federal Reserve Board (collectively, the "agencies") extended the comment deadline on proposed updates to the resolution plan submission guidance for certain large foreign banking organizations ("FBOs"). The comment deadline was extended from May 5, 2020 to June 4, 2020.
As previously covered, the agencies proposed:
- updating the payment, clearing and settlement, and derivatives and trading activities areas of the 2018 FBO guidance to address the agencies' review of the 2018 resolution plans of certain Specified FBOs (i.e., FBOs to which this guidance is proposed to apply) and revisions to the 2019 domestic guidance;
- including minor clarifications to the 2018 FBO guidance to reflect the 2019 revisions;
- clarifying and streamlining the submission process; and
- consolidating all guidance applicable to the Specified FBOs.
The proposal is largely consistent with the 2018 FBO guidance and 2019 domestic Covered Company guidance.