Federal Banking Regulators Adjust Resolution Plan Filing Deadline for Non-bank Financial Institutions

The Board of Governors of the Federal Reserve System ("FRB") and the Federal Deposit Insurance Corporation ("FDIC") announced a permanent adjustment to the annual resolution plan filing deadline for four non-bank financial institutions previously designated by the Financial Stability Oversight Council for enhanced supervision.

Specifically, the FRB and FDIC adjusted the annual resolution plan filing deadline for American International Group, Inc., General Electric Capital Corporation, Inc., MetLife Inc., and Prudential Financial, Inc., from July 1 to December 31 beginning in 2016.

Previously, the 2015 resolution deadline was temporarily extended for American International Group, General Electric Capital Corporation, and Prudential Financial to December 31, 2015. The FRB stated that MetLife will submit its first resolution plan by December 31, 2016.

See: FRB Press Release.Related news: FRB and FDIC Announce Extension of Resolution Plan Submission for Three Financial Institutions (February 18, 2015); FDIC and FRB Release Public Sections of Resolution Plans for Banks with Less than $100 Billion in Qualifying Non-Bank Assets (January 15, 2015); FDIC Issues Guidance for Large Bank Resolution Plan Submissions (December 18, 2014).