FRB and FDIC Provide Joint Feedback on Non-Banks' Resolution Plans
The Board of Governors of the Federal Reserve System ("FRB") and the FDIC provided feedback to three non-bank financial companies regarding their initial resolution plan filings. The plans were filed pursuant to the Dodd-Frank Act's requirement that "systemically important" non-bank financial companies submit resolution plans. The agencies urged the three non-bank financial companies to engage in more detailed analyses of obstacles to resolvability.