FRB and FDIC Provide Additional Guidance for Resolution Plans

The Board of Governors of the Federal Reserve System ("FRB") and the FDIC provided guidance to 119 firms that will be filing updated resolution plans by the end of December 2015. The periodic submission of resolution plans from systemically important bank holding companies is a requirement of Dodd-Frank Wall Street Reform and Consumer Protection Act. Based on a review of the plans that were submitted last year, the FRB and the FDIC tailored the requirements for the submissions. The new resolution plans are due on or before December 31, 2015.

See: FRB Press Release. Related news: Federal Banking Regulators Post Public Segments of Resolution Plans (July 6, 2015).