Agencies Extend Filing Deadline for Resolution Plans

The Federal Reserve Board and the FDIC extended the deadline for 38 firms to submit their next resolution plans from December 31, 2016 to December 31, 2017. The purpose of the extension is to allow the firms additional time to incorporate feedback and guidance based on the firms' December 2015 plans.

The Dodd-Frank Act requires that bank holding companies with total consolidated assets of $50 billion or more, foreign banks with $50 billion or more in global consolidated assets, and designated nonbank firms to periodically submit resolution plans to the FDIC and the Federal Reserve.