July 5, 2022

FDIC and FRB Extend Deadline to Respond to GSIB Resolution Plans

The FDIC and the Federal Reserve Board ("FRB") extended the deadline to issue feedback to U.S. global systemically important banks ("GSIBs") on their 2021 resolution plans. The extension is intended to afford the agencies additional time to analyze the GSIBs' proposals.

Note: FRB Governor Christopher J. Waller and FRB Governor Michelle W. Bowman disagreed with the decision to extend the deadline. Ms. Bowman stated that "[t]he firms have met our regulatory requirements and expectations with respect to the timing of their submissions. The agencies should likewise adhere to our own regulatory deadlines and any extensions should be for a limited duration." The new deadline will be determined at a later time.

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