Federal Agencies Allow 84 Firms to File Reduced Content Resolution Plans

The FDIC and the Board of Governors of the Federal Reserve System (the "Agencies") issued a decision permitting 84 foreign banking organizations with limited U.S. operations to file reduced content resolution plans for the next three years. The decision is meant to increase clarity and decrease the burden involved in future filing requirements. Each of the 84 firms has less than $50 billion in total U.S. assets. The first of their reduced content plans must be submitted to the Agencies by December 31, 2016.